If you purchase a gift worth $25 for your sister, but your sister would be willing to pay only $10 is she bought the item for herself, then the:
A. Total utility of the gift is $35
B. Total utility of the gift is $15
C. Marginal utility of the gift is $15
D. Loss of value in the gift is $15
D. Loss of value in the gift is $15
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Sticky Cakes is a bakery. A decrease in the wage rate that Sticky Cakes pays its workers
A) does not shift its MC curve or its ATC curve. B) shifts its MC curve downward but not its ATC curve. C) shifts both its MC curve and its ATC curve downward. D) does not shift its MC curve but shifts its ATC curve downward.
A surplus of shoes will cause
a. a decrease in the supply of shoes b. a decrease in the demand for shoes c. both a decrease in the supply of shoes and an increase in the demand for shoes d. a decrease in the price of shoes, through a shift of either the supply curve or the demand curve e. a decrease in the price of shoes