The absolute value of the slope of the indifference curve is called the:
A. marginal rate of substitution.
B. marginal cost.
C. marginal revenue.
D. average rate of substitution.
Answer: A
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Refer to the table below. ________ has the comparative advantage in making pizza, and ________ has the comparative advantage in delivering pizza. Pizzas MadePer HourPizzasDeliveredPer HourCorey126Pat1015
A. Pat; Pat B. Corey; Pat C. Pat; Corey D. Corey; Corey
A perfectly competitive industry always has a perfectly elastic (flat) long-run supply curve
a. True b. False Indicate whether the statement is true or false
Answer the following statement(s) true (T) or false (F)
1. Consumers use bounded rationality to take shortcuts in mental processing. 2. Rules of thumb tend to make people less confident. 3. Framing occurs when consumers treat money differently depending on where they got it. 4. Anchoring occurs when people rely heavily on the first piece of information offered when making a purchase. 5. The traditional consumer choice model predicts and explains most consumer behavior quite well most of the time.
Which of the following is used to determine if a family is in poverty?
A. The work ethic of the family. B. The level of education attained. C. The level of current income. D. The medical needs of the family.