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B ) 1 0 C ) 1 5 D ) 2 0 E ) none of the above Refer to Scenario 2 . 1 .
B
C
D
E none of the above
Refer to Scenario What is the equilibrium quantity of books sold?
A
B
C
D
E none of the above
Refer to Scenario If $ which of the following is true?
A There is a surplus equal to
B There is a shortage equal to
C There is a surplus, but it is impossible to determine how large.
D There is a shortage, but it is impossible to determine how large
Refer to Scenario If $ which of the following is true?
A Quantity supplied is greater than quantity demanded.
B Quantity supplied is less than quantity demanded.
C Quantity supplied equals quantity demanded.
D There is a surplus.
Refer to Scenario If $ which of the following is true?
A There is a surplus equal to
B There is a shortage equal to
C There is a shortage, but it is impossible to determine how large.
D There is a surplus, but it is impossible to determine how large.
Indifference curves are convex to the origin because of:
A transitivity of consumer preferences.
the assumption of a diminishing marginal rate of substitution.
the assumption that more is preferred to less.
D the assumption of completeness.
E none of the above
Bill currently uses his entire budget to purchase cans of Pepsi and hamburgers per week. The price of Pepsi is $ per can, the price of a hamburger is $ Bill's marginal utility from Pepsi is and his marginal utility from hamburgers Bill could increase his utility by:
A increasing Pepsi consumption and reducing hamburger consumption
B increasing hamburger consumption and reducing Pepsi consumption.
C maintaining his current consumption choices.
D We do not have enough information to answer this question
An individual consumes only two goods, and Which of the following expressions represents the utility maximizing market basket?
A MRSxy is at a maximum.
B money income
C money income.
D
E all of the above
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