If average cost is positive
A) marginal cost equals average cost.
B) marginal cost exceeds average cost.
C) marginal cost is less average cost.
D) Not enough information is given.
D
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The fact that when the price of a good goes up, people buy less of it is known as the
A) law of supply. B) law of demand. C) concept of market equilibrium. D) need for inferior goods.
The exchange rate is $1 = 110 yen. If the price of a Japanese good is 37,500 yen, what is the approximate price of the good in dollars?
A) $29.45 B) $4,125,000 C) $294.49 D) $340.91 E) none of the above
If the price of a product rises, consumers buy less of the good because the:
A. MU/P of the good falls below the MU/P of other goods. B. MU/P of the good rises above the MU/P of other goods. C. marginal utility of the good rises. D. total utility of the good diminishes.
Which of the following is not a usual consequence of inflation?
A) Income is redistributed among people. B) People are misled into supposing that their earnings have risen substantially. C) People believe that rising prices have made them worse off. D) The cost of living goes up for everyone. E) The value of money falls.