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ECON-1010-A-Introduction to Microeconomics
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Which one of the following statements is not an assumption of marginal utility theory?
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Which of the following statements about a household's budget line is correct?
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Table 8.2.1
Refer to Table 8.2.1, which shows Sam's utility from sailing and skiing. If the price of sailing is $10 per hour and the price of skiing is $20 per hour, how will Sam allocate his spare time to maximize his total utility?
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Why does the paradox of value between diamonds and water arise?It arises because
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Ben spends $50 a year on 2 bunches of flowers and $50 a year on 10,000 litres of water. Ben is maximizing utility and his marginal utility from water is 0.5 units per litre. Does Ben's expenditure on flowers and water illustrate the paradox of value?It illustrates the paradox of value because Ben's marginal utility from flowers is ________ his marginal utility from water, and his total utility from flowers is ________ than his total utility from water.
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If the market price falls below a perfectly competitive firm's minimum average variable cost, which of the following is the firm's supply curve in the short run?
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What determines the horizontal portion of the short-run market supply curve in a perfectly competitive market?The perfectly competitive firm's
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When the market price is above the firm's minimum average variable cost, what is the perfectly competitive firm's supply curve?
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| Table 11.2.3 |
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Which of the following situations in a perfectly competitive market achieves an efficient allocation of resources?
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