The New York Yankees are the winningest team in all of professional sports history. When interviewed after sweeping a World Series, the Yankee manager always says that, "To me, this win is the sweetest of them all.". To an economist, it means that
a. the marginal utility of the last win is greater than the total utility of all previous Yankee World Series wins
b. the law of diminishing marginal utility applies here
c. the law of diminishing marginal utility doesn't apply here
d. the manager engages in interpersonal comparisons of utility
e. consumer surplus increases with each win
C
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Refer to the scenario above. What is likely to be the impact on Firm B's sales if Firm A decides to sponsor the event while Firm B decides not to sponsor the event?
A) A 0% increase in sales B) A 7% increase in sales C) A 5% increase in sales D) A 10% increase in sales
Compared to a monopolist, the demand curve for a perfectly competitive firm will be
A) as elastic. B) more elastic. C) less elastic. D) perfectly elastic.
If we add up all the money people spend buying final goods and services-being careful to omit spending on intermediate goods so as not to double-count-the sum will be:
A. the gross domestic product of the economy. B. total expenditure in the economy. C. the market value of all output sold in the economy. D. All of these statements are true.
The labor supply curve reflects how workers' decisions about the labor-leisure tradeoff respond to changes in the opportunity cost of leisure
a. True b. False Indicate whether the statement is true or false