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1. "At the price of GHC100, tickets for the Sonnie Badu’s music concert at national theatre are expensive. Yet, there are long queues (lines) of people who wish to buy them. Many people who desire tickets will not be able to find them." From this quote, we know that the price of the music concert tickets must be:
2. If point B lies above and to the right of A on a two-commodity indifference map, and the indifference curve passing through point A is characterized by a utility level of 1, then the utility level of the indifference curve passing through point B has utility
3. Assume that the market for computers begins in equilibrium. Then, there is a decrease in a price of Pentium processors used in the production of computers. When the new equilibrium is reached,
4. Assume that the market for the stock of Microsoft begins in equilibrium. Then, both buyers and sellers expect that the new Linux (a competitor of Microsoft Windows) will be a large success, reducing Microsoft sales. When the new equilibrium is reached,
5. Which of the following is a correct representation of the budget constraint in a world with only food and shelter, where M=income, = price of food, = shelter price, S=the quantity of shelter, and F=the quantity of food.
6. Indifference curves that intersect would be illogical constructs because
7. The marginal rate of substitution of good X for good Y is the number of units of good X that a customer will accept instead of good Y to increase his or her satisfaction.
8. The shape of a consumer’s indifference curve is generally assumed to be unaffected by price changes.
9. The shape of a consumer’s indifference curve is generally assumed to be unaffected by price changes.
10. A person’s tastes are like his or her fingerprints: they don’t change.