The technology associated with manufacturing computers has advanced enormously. This change has led to the price of a computer ________ and the quantity ________
A) rising; increasing
B) rising; decreasing
C) falling; increasing
D) falling; decreasing
E) falling; not changing
C
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If Rita's labor-supply curve is downward-sloping, then for Rita a. an increase in the wage creates an income effect that is greater than the substitution effect. b. an increase in the wage creates a substitution effect that is greater than the income effect. c. leisure and consumption are perfect substitutes
d. leisure and consumption are perfect complements.
In reality, reliable information is usually costly for both consumers and producers
Indicate whether the statement is true or false
In a representative democracy, there are
A. elected politicians. B. public employees. C. special interests. D. all of these answer options are correct.
Candy has a $100 gift card to a department store and needs a new watch. She walks into the store and is overwhelmed by the sheer number of watches and price points, from $30 to $3,000. She loves expensive luxury watches but has no other money to spend. She also loves cosmetics and would spend any money left over from the gift card on makeup. Explain how she can use the concept of marginal utility to analyze the options available to her and maximize her satisfaction.
What will be an ideal response?