Question
1. Revenue, profit, and utility represent _____ that play a significant role in determining people's choices. A. Factors of production. B. Inputs. C. Outputs. D.
1. Revenue, profit, and utility represent _____ that play a significant role in determining people's choices. A. Factors of production. B. Inputs. C. Outputs. D. Marginally increasing values. E. Incentives. 2. Which of the following draws the demand line? A. Marginal cost. B. Marginal benefit. C. Marginal benefit per dollar. D. Diminishing marginal returns. E. Increasing opportunity costs. 3. Which of the following could explain the change illustrated in the graph attached? A. The price of computers decreases. B. A technological breakthrough lowers production costs for computers. C. The price of a substitute for computers increases. D. Consumer incomes go up and computers are an inferior good. E. The price of a complement to computers goes up. 4. According to the law of supply, a change in the price of a product itself can be represented on a supply curve as a. A. Shift in the product supply curve. B. Shift in the product demand curve. C. Movement along the product demand curve. D. Movement along the product supply curve. E. Movement along the product demand and product supply curves.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started