The utility that people experience from the consumption of a good depends on
A) their income level.
B) their tastes and preferences.
C) total sales of the good.
D) how much shopping time they spent obtaining the good.
Answer: B
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The above figure shows the production possibility frontier for a country. What is the opportunity cost per ton of rice to move from point D to E?
A) 3000 bottles of wine B) 333 bottles of wine C) 3 bottles of wine D) 1/3 of a bottle of wine E) None of the above answers is correct.
The basic trade-off in valuing any asset is between:
A. amount of risk and rate of return. B. rate of return and length of loan. C. amount of risk and length of loan. D. rate of return and amount of loan.
Below, The graph on the left shows the short-run marginal cost curve for a typical firm selling in a perfectly competitive industry. The graph on the right shows current industry demand and supply.
What is the marginal revenue for the FIRM from selling the 250th unit of output?
A. $8 B. $4 C. $10 D. $6 E. zero
Refer to Figure 6.3. Suppose the price of pizza is $9.75. Then consumer surplus is:
A. $3.75.
B. $3.50.
C. $29.25.
D. $33.00.