× Didn't find what you were looking for? Ask a question
Top Posters
Since Sunday
A
6
j
6
c
5
m
5
C
5
d
5
s
5
n
4
i
4
d
4
d
4
J
4
New Topic  
Silvertxpia Silvertxpia
wrote...
Posts: 599
Rep: 1 0
6 years ago
A perfectly competitive firm is more likely to shut down during a recession, when the demand for its product declines, than during an economic expansion, because during the recession it might be unable to cover its
 
  A) fixed costs.
  B) variable costs.
  C) external costs.
  D) depreciation due to machinery becoming obsolete.



Ques. 2

If Katie purchases two slices of pizza and six breadsticks to maximize her total utility, then
 
  A) a slice of pizza costs three times as much as a breadstick.
  B) a breadstick costs three times as much as a slice of pizza.
  C) her marginal utility from the second slice of pizza divided by the price of a slice of pizza is equal to her marginal utility from the sixth breadstick divided by the price of a breadstick.
  D) Both answers A and C are correct.



Ques. 3

For a good to be nonrival, then
 
  A) one person's consumption of that good does not decrease another person's consumption of that good.
  B) a person cannot be prevented from consuming that good even if he or she did not pay for it.
  C) a person is willing to pay any price to ensure that the product is available.
  D) a person is not willing to pay for the good because even without paying for it, the person can consume the good anyway.



Ques. 4

Long-distance travel by bus is an inferior good. As people's incomes increase and other things remain the same, you predict that the
 
  A) price of long-distance travel by bus will fall and the demand for long-distance travel by bus will increase.
  B) price of long-distance travel by bus will fall.
  C) demand for long-distance travel by bus will decrease and the price will rise.
  D) demand for long-distance travel by bus will increase as the price of long-distance travel by bus falls.



Ques. 5

Two countries, Alpha and Beta, have identical production possibilities frontiers illustrated above. If Alpha produces at point a and Beta produces at point b, then ________.
 
  A) Beta's economic growth rate will exceed Alpha's
  B) Alpha consumes less than Beta today, but it will grow faster than Beta
  C) Alpha's and Beta's economic growth rates will be the same
  D) Beta's future consumption will be greater than Alpha's



Ques. 6

If a price hike of 5 percent increases the quantity demanded of another good by 2 percent, the goods must be ________ and the cross elasticity of demand equals ________.
 
  A) substitutes; 0.40
  B) substitutes; 2.5
  C) complements; 0.40
  D) complements; 2.5
Read 48 times
3 Replies
Replies
Answer verified by a subject expert
afkjnjsnfdkafkjnjsnfdk
wrote...
Posts: 357
Rep: 3 0
6 years ago
Sign in or Sign up in seconds to unlock everything for free
1

Related Topics

Silvertxpia Author
wrote...
6 years ago
Easily the best answer Grinning Face with Smiling Eyes
wrote...
6 years ago
If so, mark it solved Smiling Face with Glasses
New Topic      
Explore
Post your homework questions and get free online help from our incredible volunteers
  1145 People Browsing
 127 Signed Up Today
Related Images
  
 750
  
 849
  
 223
Your Opinion
Who will win the 2024 president election?
Votes: 8
Closes: November 4

Previous poll results: Where do you get your textbooks?