If a firm shuts down in the short run
A) it will lose its operating costs.
B) its losses will be equal to zero.
C) it will incur its fixed costs.
D) it will incur only its explicit costs.
Answer: C
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Deciding if a power company will generate electricity from wind power or coal answers the economic question of
A) what products will be produced. B) where will the products be consumed. C) who consumes the products produced. D) how will the products be produced.
What would be an example of a consumption service?
A) Jake buys an iPhone. B) The local driver's license office purchases a new digital camera and printer. C) Rhianna gets a haircut. D) Donald Trump purchases furniture for his office. E) Antonio, the manager of the local Taco Hut, purchases a new deep fryer.
Spending more time commuting in exchange for a lower monthly rent refers to a(n):
A) barter. B) trade-off. C) externality. D) monetary exchange.
Assume the total utilities corresponding to the first four units of a product consumed are 8, 12, 14, 15, respectively. The marginal utility of the third unit consumed is:
a. 2. b. 14. c. 3 d. 34.