Reciprocity means:
A. doing good things for people and asking nothing in return.
B. deriving utility from the action of a stranger.
C. responding to another's actions with a similar action.
D. deriving utility from an action that will cause another's utility to increase.
Answer: C
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Holding other factors constant, a higher relative price of a firm's output will:
A. increase national saving. B. decrease national saving. C. decrease investment. D. increase investment.
The market supply curve is also the
A) marginal social cost curve. B) marginal value curve. C) marginal social benefit curve. D) maximum-supply-price curve.
Marginal benefit curves slope
A) upward because of increasing opportunity cost. B) upward, but not because of increasing opportunity cost. C) downward because of increasing opportunity cost. D) downward, but not because of increasing opportunity cost.
Given that income is $200 and the price of good Y is $40, what is the vertical intercept of the budget line?
A. 5 B. 1/5 C. 20 D. 8,000