At the birthday party of your best friend, you see Skylar help himself to a second piece of cake. For this individual, it must be the case that
the marginal benefit of the second piece of cake is less than the marginal cost
the total benefit received from eating cake is falling
the marginal benefit of the second piece of cake is greater than the marginal cost
Skylar is irrationally consuming too much cake
Nancy has the choice to spend one hour studying for an exam, mowing the lawn for one hour at a wage of $6, or babysitting her niece for one hour at a wage of $8. If we know that Nancy has chosen to study for the exam, which of the following is true?
The benefit received from studying is greater than the opportunity cost of $8
The opportunity cost of studying is $14, which is less than the benefit received from studying
Nancy is indifferent between studying and mowing the lawn
Nancy's behavior is irrational since babysitting was clearly superior to all other options
Nancy is indifferent between babysitting and mowing the lawn
Assuming no government involvement in this market, if the current price were at the level of 0A, we would expect
a surplus in the market to be eliminated by rising prices
a shortage in the market to be eliminated by falling prices
a surplus in the market to be eliminated by falling prices
a shortage in the market to be eliminated by rising prices
a decrease in quantity supplied and an increase in quantity demanded s the price rises
If the market is initially in equilibrium, which of the following would create a new equilibrium at point H?
A decrease in consumer income if this good is normal
An increase in the price of a substitute for this good
A decrease in the cost of a production input for this good
An increase in the number of consumers of this good
An increase in consumer income if this good is normal
Using the diagram, which of the following might have caused the outward movement of the production possibility frontier?
A decrease in the availability of fertile farmland
A plague of destructive grasshoppers
An increase in the productivity of the labor force
A severe and long-lasting drought
A decline in the rate of technological improvements
If Matt's total utility from consuming bratwurst increased at a constant rate, no matter how many bratwurst Matt consumed, what would Matt's demand curve for bratwurst look like?
Vertical
Horizontal
Downward sloping
Upward sloping
first upward, but eventually downward sloping
Which is true of monopolistic competition?
Firms earn long-run
Firms spend money to differentiate and advertise their products
P= MR = MC = ATC
In the long run the market is allocatively efficient
Excess capacity is eliminated in the long run
Dead weight loss is equal to which of the following areas?
abcd
cdfg
0abQ1
Q1Q2gh
bdgh
Which of the following is an example of a longrun adjustment for the owners of a small café?
The owners switch from whole wheat to sourdough bread
The owners hire several part-time workers to cover the dinner shifts
The owners work overtime on a busy weekend
The owners install more energy-efficient light bulbs in all of the light fixtures
The owners buy the office next door and this doubles the customer seating
Which of the following is true in the long run in perfect competition?
P=MR=MC=ATC
P=MR=MC>ATC
P>MR=MC=ATC
P=MR>MC=ATC
P>MR=MC>ATC
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