The city of Greenville needs $40 million for a network of streetlights. There are 67,000 residents, meaning the cost for each resident is about $600. Mr. Miller refuses to donate towards the project. This is an example of the problems encountered with:

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

One likely result of a price ceiling is that:

Exhibit 7-10 Short-run cost schedule for book publisher’s hourly production ​ In Exhibit 7-10, the marginal cost of increasing production from 2 to 3 cases of books is:

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

If a 1 percent decrease in the price of product A brings about a 3 percent increase in the sales of product B, then:

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: