A surplus means a(n):

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?