25. 14. The opportunity cost of leisure: A. increases as wages get higher. B. decreases as wages get higher. C. remains the same as wages get higher. D. has nothing to do with wages. 45. The demand for labor is a derived demand because: A. many workers are self-employed. B. the income workers earn adds to the demand for output. C. the demand for output comes from the demand for labor. D. the demand for labor comes from the demand for output. 74. The marginal factor cost curve for a monopsony: A. lies above the labor supply curve. B. lies below the labor supply curve. C. is the labor supply curve. D. is unrelated to the labor supply curve. 22. A Lorenz curve that becomes less bowed out implies: A. a change in income distribution toward more inequality. B. no change in income distribution. C. a change in income distribution toward more equality. D. an increase in poverty. 25. The best example of a positive externality is: A. roller coaster rides. B. pollution. C. alcoholic beverages. D. education. 121. Which of the following is not a characteristic of a public good? A. Nonexclusivity. B. Available to non-buyers. C. Nonrivalry in consumption. D. Can only be consumed once.
Added by Miguel -Ngel M.
Close
Step 1
The opportunity cost of leisure increases as wages get higher. Show more…
Show all steps
Your feedback will help us improve your experience
Azat Nurmukhametov and 58 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Use the following table to answer questions 20-23. Number of Apples Total Utility 20 35 50 20. Refer to the accompanying table. The marginal utility of consuming the 2nd apple is A. 35 B. 10 C. 15 D. 20. 21. Refer to the accompanying table: The marginal utility of consuming apples is A. constant. B. first increasing, but decreasing after the fourth apple. C. decreasing after the first apple. D. constantly increasing. 22. Refer to the accompanying table: The marginal utility of the 5th apple is A. -5 B. 0 C. 5 D. 45. 23. Refer to the accompanying table: The total utility as additional apples are consumed, but the marginal utility with each additional apple consumed first decreases then increases; decreases first increases then decreases; decreases first decreases then increases; increases first increases then decreases; increases. 24. The tendency for marginal utility to decline as consumption increases beyond some point is called A. the law of demand. B. the law of diminishing marginal utility. C. the rational spending rule. D. utility maximization.
Azat N.
1. Which of the following will not cause an increase in the supply of good X? a) an improvement in the technology used to produce good X b) an increase in the price of good Y, a substitute c) a decrease in the price of inputs used to produce good X d) an increase in the price of inputs used to produce good X 2. A local restaurant has estimated that the price elasticity of demand for meals is equal to 2. If the restaurant increases menu prices by 5%, they can expect the number of customers to decrease by ________and total revenue to ________. a) 10%; fall b) 10%; increase c) 2.5%; fall d) 5%; stay constant 3. Egg producers know that the elasticity of demand for eggs is 0.1. If they want to increase sales by 5%, they will have to lower price by: a) 5%. b) 0.1%. c) 1%. d) 50%. 4. If the price of chocolate-covered peanuts decreases from $1.10 to $0.95 and the quantity demanded increases from 190 bags to 215 bags, then the price elasticity of demand (using the midpoint method) is: a) 2. b) 0.5. c) 1.25. d) 0.8. 5. If combination A lies on a higher indifference curve than combination B and combination B lies on a higher indifference curve than combination C, it must be that the total utility associated with combination A is ________ the total utility associated with combination C. a) equal to b) more than or equal to c) more than d) less than
QUESTION 21 If the percentage change in quantity demanded is greater than the percentage change in price for good A, then the demand for good A is a. inelastic. b. unit elastic. c. elastic. d. perfectly inelastic. QUESTION 22 If the percentage change in quantity demanded is less than the percentage change in price for good B, then the demand for good B is a. inelastic. b. unit elastic. c. elastic. d. perfectly elastic. QUESTION 23 If the percentage change in quantity demanded is equal to the percentage change in price for good C, then demand for good C is a. inelastic. b. unit elastic. c. elastic. d. perfectly elastic. e. perfectly inelastic. QUESTION 24 If quantity demanded is completely unresponsive to changes in the price of good ABC, then demand for good ABC is a. inelastic. b. unit elastic. c. elastic. d. perfectly elastic. e. perfectly inelastic. QUESTION 25 If quantity demanded becomes zero at the smallest percentage increase in price of good D, then demand for good D is a. inelastic. b. unit elastic. c. elastic. d. perfectly elastic. e. perfectly inelastic.
Jennifer S.
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD