In the market for natural gas, a particularly mild winter will lead to:
a. a decrease in the demand and an increase in both equilibrium price and quantity
b. an increase in the supply and an increase in both equilibrium price and quantity.
c. an increase in the supply, a decrease in equilibrium price, and an increase in equilibrium quantity.
d. a decrease in the demand and a decrease in both equilibrium price and quantity.
d
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The return-to-entrepreneurship curve is:
A) horizontal. B) vertical. C) downward sloping. D) upward sloping.
For spring break, Melanie will either stay home or go to Daytona Beach. At home, Melanie pays $10 per day for food and earns $90 a day at her job. At Daytona Beach, Melanie will stay with friends and so has no lodging cost
She will pay $20 per day for food. In terms of dollars, Melanie's opportunity cost per day of going to Daytona Beach is how much?
A rational criminal model assumes
A. smart people commit crime. B. criminals commit crimes because they have more legal opportunities. C. criminals will commit fewer crimes if the likelihood of getting caught rises. D. criminals will commit more crimes if the severity of punishment rises.
The absolute value of the marginal rate of substitution is a measure of
A. the slope of a budget constraint. B. the relative price of two goods. C. income effect of a price change. D. the slope of an indifference curve.