In Professor Meanscore's Class, the First Midterm Exam and the Second

question 47

Multiple Choice

In Professor Meanscore's class, the first midterm exam and the second midterm exam are weighted equally toward the final grade.With the first midterm's score on the horizontal axis, and the second midterm's score on the vertical axis, indifference curves between the two exam scores are

• A)L-shaped with lines extending upward and to the right.
• B)L-shaped with lines extending downward and to the left.
• C)parabola shaped.
• D)straight lines with slope 21.
• E)straight lines with slope 2.

---

Definitions:

MC Curve

The Marginal Cost curve, which shows the increase in total cost that arises from producing one more unit of a good or service.

Short-Run Supply Schedule

A graphical or tabular representation of the quantity of goods a firm is willing and able to supply at different price points, over a short period.

Total Profit

The net amount of money a business retains after subtracting all its expenses, taxes, and costs from its total revenue.

MC Curve

Marginal Cost Curve, which shows the change in total cost that arises when the quantity produced changes by one unit.