The alternative combinations of two goods that a consumer can purchase with a specific money income is shown by
What will be an ideal response?
a budget line.
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Laser disc players have been around for 10 years, but in the last several years, the sales have skyrocketed
Manufacturers attribute the increase in sales to lower prices, increased availability of movies on laser disk, and the appearance of laser disks for rent in video cassette rental stores. Describe this market using the concept of network externalities.
The fiscal agent for the U.S. federal government is
A) the United States Treasury. B) the Internal Revenue Service. C) the Comptroller of Currency. D) the Federal Reserve System.
A movement from point J to point M would represent
A. an increase in consumer goods, but not capital goods.
B. an increase in capital goods, but not consumer goods.
C. an increase in both capital goods and consumer goods.
D. no increase in either capital goods or consumer goods.
Varying plant sizes are shown graphically by
A. economies of scale. B. diseconomies of scale. C. the long-run average costs curve. D. diminishing returns. E. negative returns.