Refer to Figure 7-4. The efficient price of medical services is
A) $25. B) $40. C) $55. D) >$55.
B
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An increase in the price of a substitute shifts the demand curve to the _______
a. right b. left c. it does not change the demand curve d. none of the above
A typical life cycle assessment (LCA)
a. has three components b. evaluates all stages of a product or process from raw materials extraction to disposal c. addresses only the environmental risks to human health d. ignores ecological risk
If an economy can produce various combinations of food and shelter along a production possibilities curve (PPC), then if we increase the production of shelter along the PPC, which of the following is true?
a. We cannot change the production of food. b. We must decrease the production of food. This forgone food production represents the opportunity cost of the increase in shelter. c. We also increase the production of food. d. The concept of opportunity cost does not apply along PPC.
Which of the following is NOT a property of indifference curves?
A. Indifference curves are thin. B. Indifference curves may slope upward or downward. C. Indifference curves from the same family never cross. D. A consumer prefers to be on the indifference curve that is farthest from the origin.