Chapter 22 – The Cost of Production Extra Multiple Choice …
A) there is increasing scarcity of factors of production. B) the price of extra units of a factor is increasing. C) there is at least one fixed factor of production. D) capital is a variable input. 9. The marginal product of labor curve shows the change in total product resulting from a:
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Study Questions for Chapter 9 - UCL
www.cserge.ucl.ac.ukChances are that most of us would answer that our income is the basic determinant of our levels of spending and saving, but a few may have low …
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Chapter 21: Consumer Behavior and Utility Maximization ...
www.cserge.ucl.ac.ukC) increase due to a negative income elasticity. D) remain unchanged, since the income elasticity of pizza is greater than 0. 4. The total utility of a product is calculated by: A) summing the marginal utility from the first unit of a product that is consumed and the last unit of a product that is consumed.
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www.cserge.ucl.ac.ukA) consumers' incomes will increase. B) the demand curve will shift outward. C) all prices will increase over time. D) consumers will be better able to find substitutes. 12. If demand for farm crops is inelastic, a good harvest will cause farm revenues to: A) increase because of the increase in the quantity that farmers can sell.
ANSWERS TO END-OF-CHAPTER QUESTIONS
www.cserge.ucl.ac.ukprice. (b) See graph. (c) The firm’s demand curve is perfectly elastic; MR is constant and equal to P. (d) Yes. Table: When output (quantity demanded) increases by 1 unit, total revenue increases by $2. This $2 increase is the marginal revenue. Figure: The change in TR is measured by the slope of the TR line, 2 (= $2/1 unit).
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