You should decide to go to a movie:
A. if the marginal cost of the movie exceeds its marginal benefit.
B. if the marginal benefit of the movie exceeds its marginal cost.
C. if your income will allow you to buy a ticket.
D. because movies are enjoyable.
Answer: B
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If movie theaters began collecting more gross income from ticket sales after lowering ticket prices, we would know
A) movie patrons were not behaving consistently with the law of demand. B) movie quality must have increased. C) the demand for movie tickets was elastic. D) the demand for movie tickets was inelastic. E) the supply of movies had increased.
The measurement of GDP includes
A) nonmarket goods such as homemaking and child-rearing. B) the benefits of clean air and water. C) estimated values of activity in the underground economy. D) purchases and sales of goods produced in previous periods.