Constant returns to scale cause the long-run average cost curve to be:

If the minimum points of all the possible short-run average total cost curves become successively lower as quantity of output increases, then:

Suppose a consumer wants to obtain the highest possible satisfaction from goods purchased on a fixed budget. Which of the following must be equal for all goods?

Michael spends $10 a month on Pez dispensers and Superman action figures. His marginal-utility-to-price ratio for the Pez dispensers is 40, while his marginal-utility-to-price ratio for Superman action figures is 47. Explain why Michael is not maximizing his utility and how can he change his behavior to increase his utility?

Marginal utility is defined as:

Exhibit 6-4 Total utility for multiplex tickets, video rentals, and popcorn In Exhibit 6-4, assume the Multiplex tickets cost $6 each, video rentals cost $2 each, and bags of popcorn cost $1 each. What is the marginal utility of renting a third video?

If the percentage change in quantity demanded is greater than the percentage change in price, price elasticity of demand is:

If the demand for a good decreased, what would be the effect on the equilibrium price and quantity?

If the equilibrium price of good X is $4 and a price ceiling is imposed at $5, the result will be a(n):

Assume the price of Nikes decreases. As a result, consumers increase the quantity of Nikes purchased each year and purchase fewer Reeboks. This is an example of the: