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Sophia: Microeconomics - Unit 1 questions with correct answers

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C1: Microeconomics studies the behavior of__________. - correct answer An economy in its entirety C1: Which of the following is a characteristic of a rational consumer? - correct answer Rational consumers analyze costs and benefits when making decisions. C1: Economists assume that all rational consumers will allocate their resources in order to _________. - correct answer Maximize their utility. C1: Sarah is deciding between two different pairs of running shoes: The Minimalist 7, which cost $99, and the Sprint XT, which are priced at $155. Although both would meet her needs, Sarah knew that she would get more wear and more support out of the higher-priced Sprint XT shoe. If he wanted to buy the shoes today, Sarah had the ability to pay $99 for the Minimalist 7s. However, if she wanted to buy the Sprint XTs, she would need to pick up another shift at her job to earn extra money. Which of the following statements describes marginal cost? - correct answer Sarah must work another night. C1: A firm decides to produce 100,000 baseballs.

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