Refer to the information provided in Figure 6.8 below to answer the question(s) that follow.
Figure 6.8Refer to Figure 6.8. The marginal utility of the fourth movie rental is
A. 0.
B. 3.
C. 25.
D. 28.
Answer: A
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Monopolistically competitive firms can differentiate their products
A) by producing where marginal revenue equals marginal cost. B) through marketing. C) by equating price and average total cost. D) by producing at minimum efficient scale.
If an increase in the incomes of people who live in the Los Angeles area leads to an increase in the demand for season tickets for games played by the Los Angeles Lakers professional basketball team, then these season tickets are
A) a normal good. B) an inferior good. C) an income complement. D) an income substitute.
Which of the following is likely to occur when there is a substantial increase in the market demand for coffee? a. The wages of workers employed in coffee plantations will fall
b. The price of 10-gram coffee sachets will decrease. c. The demand curve for coffee plantation workers will shift to the right. d. The demand curve for coffee plantation workers will become horizontal.
When property rights are clearly defined and enforced, private owners will
a. use their property for selfish ends because they have little or no incentive to consider the desires of others. b. develop and direct their property toward uses that others value highly because the market will generally reward them for doing so. c. have little or no incentive to take care of their property or conserve it for the future. d. be unable to derive personal gain if they are sensitive to the desires of others when deciding how to use their property.