An indifference curve is:
A. downward sloping and concave to the origin.
B. downward sloping and convex to the origin.
C. upward sloping and concave to the origin.
D. upward sloping and convex to the origin.
Answer: B
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Economists believe that individuals act as if they are motivated: a. primarily by the opinions of their peers
b. primarily by human emotions. c. primarily by self-interest. d. only by concern for the larger community.
When we say most Americans are in the 15-percent tax bracket, we mean federal taxes are about 15 percent of the income of most Americans
a. True b. False Indicate whether the statement is true or false
The theory of consumer choice
a. underlies the concept of the demand for a particular good.
b. underlies the concept of the supply of a particular good.
c. ignores, for the sake of simplicity, the trade-offs that consumers face.
d. can be applied to many questions about household decisions, but it cannot be applied to questions concerning wages and labor supply.
The following data show the relationship between the number of drivers who leave for work at 8 a.m., their average commute time, and their marginal benefit of commuting.Number of DriversWho Leave at 8 a.m.AverageCommute TimeMarginalBenefit10030 minutes$1020065 minutes$8300110 minutes$4400170 minutes$3500260 minutes$1 One way for the government to increase economic efficiency would be for it to:
A. subsidize gasoline consumption. B. require all 500 drivers to collectively decide when each should leave for work. C. require employers to allow workers to arrive late for work. D. charge a toll to use the highway during rush hour.