The indifference curves in the above figure could represent your indifference curves between
A) Coke and Pepsi, which you consider perfect substitutes.
B) eyeglass frames and eyeglass lenses, which you think are perfect complements.
C) hot dogs and textbooks, which you think are neither perfect substitutes nor perfect complements.
D) none of the above.
B
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When a man invests in controlling weeds and trash that tend to accumulate in his yard, both he and his neighbors benefit from his action
Is an externality associated with his private decision? If so, explain its effect, and determine whether the efficient level of weed control occurs when the individual invests in weed control.
Which of the following will cause a leftward shift of the supply curve for electricity?
A.) A decrease in the costs associated with the production of electricity. B.) A decrease in consumer incomes. C.) An increase in the taxes on electricity production. D.) An increase in the price of electricity.
Scarcity is a situation in which resources are unlimited in quantity and can be used in different ways.
Answer the following statement true (T) or false (F)
A system in which the value of currency issued by the government is based entirely on public faith that the currency will be acceptable in trade is
A. a fiduciary system. B. a socialistic system. C. a private property system. D. a Gresham system.