Refer to the above table. The table gives the combinations of real disposable income and real consumption for a college student for a year. The break-even level of real disposable income is
A) 0. B) 6,000. C) 14,000. D) 10,000.
D
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Briefly describe how the Bretton Woods system operated
What will be an ideal response?
Suppose that each worker must use only one shovel to dig a trench, and shovels are useless by themselves. In the long run, the firm will experience
A) increasing returns to scale. B) constant returns to scale. C) decreasing returns to scale. D) The returns to scale cannot be determined from the information provided.
According to the graph shown, if the market goes from equilibrium to having its price set at $10:
A. market transactions will decrease by 7.
B. market transactions will decrease by 3.
C. market transactions will decrease by 10.
D. market transactions will not change, only price has changed.
Given MU1/P1 > MU2/P2 and MU1 = MU2, how could you create a state of consumer equilibrium?
a. Make P1 equal to P2. b. Make MU1 greater than MU2. c. Make P1 less than P2. d. Make MU1 greater than P2.