The slope of the total product curve is the
A) average product.
B) slope of a line from the origin to the point.
C) marginal product.
D) marginal rate of technical substitution.
C
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All monopolies exist because of
a. firms' desire to maximize profits. b. failure of antitrust laws. c. barriers to entry. d. natural selection.
Which of the following is an example of a capital good?
a. an artificial Christmas tree used by a family year after year b. a sweater worn by a sixth grade student c. electricity used by a household to heat a swimming pool d. a pencil used by a shopper making out a grocery list e. a shovel used by a construction worker
Innovation tends to be an extremely competitive activity that allows few opportunities for firms to share information with one another
a. True b. False Indicate whether the statement is true or false
You and your college roommate eat three packages of Ramen noodles each week. After graduation last month, both of you were hired at several times your college income. Your roommate still enjoys Ramen noodles very much and buys even more, but you plan to buy fewer Ramen noodles in favor of foods you prefer more. When looking at income elasticity of demand for Ramen noodles, yours would
a. be negative and your roommate's would be positive. b. be positive and your roommate's would be negative. c. be zero and your roommate's would approach infinity. d. approach infinity and your roommate's would be zero.