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Chris M., M.S.W. Social Work
Category: Homework
Satisfied Customers: 2786
Experience:  Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
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# Question

1) Which of the following is not demonstrated by a production possibility curve:
a. Scarcity
b. Opportunity Cost
c. Necessity for choice due to scarcity
d. Price

2) The Market price______ the equilibrium price:
a. can be higher than, but never lower than
b. can be lower than, but never higher than
c. can be higher that, or lower than
d. is always equal to

3) The poverty line is set:
a. by the U.S Bureau of the Census (based on family food budgets)
b. at the same income level right now as i'ts been since 1982
c. so high that over 30% of all Americans are officially poor
d. by the United Nations for every country in the world

4) If a monopolist has a straight line deand curve, then its marginal revenue curve will:
a. be the same as the demand curve
b. fall twice as quickly as the demand curve
c. lie below the demand curve at all points
d. cross the demand curve

5) As long as total utility is increasing, we know that marginal utility is:
a. positive
b. decreasing
c. increasing
d. negative

Can you please mention the choices in the form of a,b,c as it is confusing a bit now?

Thanks

Edited by Jabi on 9/23/2010 at 3:48 PM EST
Customer: replied 6 years ago.

Which of the following is not demonstrated by a production possibility curve?

a, Scarcity

b, Opportunity Cost

c, Necessity for choice due to scarcity

d, Price

In the start there was only one question if i am not wrong.

Regards

Customer: replied 6 years ago.
I am going to leave your questions open to other experts who may have answers because i don't think that i can answer the additional questions.

Edited by Jabi on 9/23/2010 at 5:56 PM EST

Hello Customer,

1. d. Price

2. c. can be higher than, or lower than

3. a. by the U.S Bureau of the Census (based on family food budgets)

4. c. lie below the demand curve at all points

5. a. positive

Hope this helps!

Customer: replied 6 years ago.

1) A key reason that aour gasoline prices elevated rapidly from 2006 to 2008 was:

a. light global supplies and high prices

b. the war in the Middle East

c. greed by oil exporting countries

d. inflation

2) In order for real wages to grow:

a. productivity must grow

b. productivity must fall

c. money wages must grow

d. money wages must fall

3) The substitution effect and the output effect work in the:

a. same direction some of the time

b. same direction all of the time

c. opposite direction some of the time

d. opposite direction all of the time

4) The law demands holds for:

a. individuals, but not for markets

b. markets, but not for individuals

c. both individuals and for markets

d. neither individuals nor for markets

5) A firm will maximize its profits or minimize its loss at the output where:

a. the difference between price and marginal cost is at its maximum

b. total cost equal total revenue

c. marginal cost equals marginal revenue

d. total revenue equals variable cost