Along an indifference curve
A. utility increases as you move to the right.
B. every combination of goods the consumer can purchase with their income is given.
C. every combination of the goods give the same level of satisfaction.
D. the prices of goods will change.
Answer: C
You might also like to view...
If in a perfectly competitive industry, the market price facing a firm is below its average total cost but above average variable cost at the output where marginal cost equals marginal revenue
A) the industry supply will not change. B) firms are breaking even. C) some existing firms will exit the industry. D) new firms are attracted to the industry.
Which of these is not a valid reason for government intervention into mutually beneficial exchange?
a. The market system might not function at all without government protecting certain rights b. The market system produces an efficient outcome that the majority does not like c. The government might be able to undertake some activities more efficiently than the market outcome. d. The market allocation might be viewed as inequitable, so redistribution might be desired to achieve equity goals.
Government picking winners
A) is the market model. B) is the central planning model. C) can be done with really good data. D) none of these choices.
The two economic conflicts between the North and the South that led to the Civil War were (1) _________________ and (2) ________________.
Fill in the blank(s) with the appropriate word(s).