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ECON-1010-A-Introduction to Microeconomics

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Which of the following statements of the law of diminishing marginal returns is correct?
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When the firm operates in the long run, which of the following variables can it vary?

In the long run, a firm can vary
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Why does an indifference curve slope downward?
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A graph plots clothing (items per week) versus food (servings per week). The horizontal axis is labeled food (servings per week), and the vertical axis is labeled clothing (items per week). A graph is a downward sloping line falling from the top left in the vertical axis to the bottom right in the horizontal axis. The slope has two points, D in the vertical axis and C at the bottom between the two axes. A point A is at the bottom left of the sloping line, and a point B is at the top right of the sloping line.

Figure 9.1.1

Refer to Figure 9.1.1, which shows Shelly's budget line. Which of the following points shows an unaffordable combination of food and clothing for Shelly given her income and current prices?
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A graph plots music downloads (per month) versus carrots (per month).The horizontal axis is labeled music downloads (per month), and the vertical axis is labeled carrots (per month). A graph displays three downward sloping lines. The first line falls from the top left in the vertical axis at point D to the bottom left in the horizontal axis at point A. The second line falls from point D to the bottom center in the horizontal axis at point B. The third line falls from point D to extreme right in the horizontal axis at point C.

Figure 9.1.2

Refer to Figure 9.1.2, which shows three budget lines. Which budget line has the lowest relative price for carrots?
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A consumer always buys a slice of cake with a cup of coffee. What would the consumer's indifference curves for these two goods look like? 
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A consumer makes the best affordable choice of two normal goods. When the price of one good falls, what are the substitution and income effects of the price fall?
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A graph plots good y versus good x. The horizontal axis is labeled good x, and the vertical axis is labeled good y. A graph displays three concave up decreasing curves parallel to each other. The first curve has a point A at the center. The second curve has two points B and C. The third curve has a point D at the center.

Figure 9.2.1

Refer to Figure 9.2.1, which shows Brenda's preference map. Which of the following statements is not correct?
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A graph plots good y versus good x. The horizontal axis is labeled good x, and the vertical axis is labeled good y. A graph displays two falling lines from top left in the vertical axis at R to bottom center at T and extreme right at S. A concave up decreasing curve has two points A and B intersecting the line R S at A. A concave up decreasing curve C and D intersecting the line R T at C. A dashed line from top left to bottom right intersects at B. A dashed line from the top left in the vertical axis to the bottom right in the horizontal axis intersects at D.

Figure 9.3.4

Refer to Figure 9.3.4, which shows a consumer's choices and the consumer's budget. If the price of good X rises and the budget line shifts from RS to RT, what is the substitution effect of the price change?

The change in the quantity of good X as the consumer moves from
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A graph plots good y versus good x. The horizontal axis is labeled good x, and the vertical axis is labeled good y. A graph displays two falling lines from top left in the vertical axis at R to bottom center at T and extreme right at S. A concave up decreasing curve has two points A and B intersecting the line R S at A. A concave up decreasing curve C and D intersecting the line R T at C. A dashed line from top left to bottom right intersects at B. A dashed line from the top left in the vertical axis to the bottom right in the horizontal axis intersects at D.

Figure 9.3.4

Refer to Figure 9.3.4, which shows a consumer's choices and the consumer's budget. If the price of good X changes and the budget line shifts from RT to RS, what is the substitution effect of the price change?

The change in the quantity of good X as the consumer moves from
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