On a big weekend of college football in 2010, the Associated Press found fans… who said they are making concessions yet determined to indulge their passion
"We basically let the wife and children not eat for a week so we can do this," joked Neil Plotkin, who was attending his first Penn State game. If Neil's marginal rate of substitution between weeks of food and his first Penn State game is 1, what do you predict the marginal rate of substitution between food and subsequent Penn State games is for Neil? A) less than one
B) greater than one
C) equal to one
D) cannot determine without knowing Neil's income
A
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When consumers are willing to buy more than producers are willing to sell
A) there is excess demand for the product in the market. B) the market is in equilibrium. C) the demand curve will shift until the quantity supplied equals the quantity demanded. D) there is excess supply of the product in the market.
An increase in the capital stock has the same effect on the production function as an increase in
A. labor. B. output. C. GDP. D. technology.