Sharon wants a career as an accountant. During the summer she turns down a job painting houses at $6 an hour to work in an accounting office for $4 an hour. Which of the following would not explain her choice?
a. Accounting is more prestigious.
b. The summer accounting job will help her get a full-time job in accounting when she graduates.
c. She prefers to work inside.
d. She would face the law of diminishing marginal utility if she had more goods.
e. She dislikes the messiness of painting.
D
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The increase in the demand for widgets, shown in the figure above, is the result of an increase in people's incomes from $28,500 per year to $31,500 per year. Therefore, the income elasticity of demand for widgets is
A) 0.25. B) 0.75. C) 1.33. D) 4.00.
Suppose a monopolistically competitive industry evolved into a perfectly competitive industry. Which of the following statements is correct?
A) The industry would produce more output and charge a lower price after the change. B) The industry would produce at decreasing returns to scale. C) Elasticity of demand for the firm's product would remain the same after this change occurred. D) This industry would produce the same level of output at lower prices in the long run than before the change.