Consumer equilibrium occurs at:
a. any point of intersection between the budget line and an indifference curve.
b. a point of tangency between the budget line and an indifference curve.
c. the point where the slope of the indifference curve equals the ratio of the quantities.
d. a point where the budget line cuts the curve from below.
b
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The three basic legal forms of business enterprise in the United States are
A) monopolies, enterprises, and competitors. B) vertical, horizontal, and conglomerate corporations. C) national, global, and multinational corporations. D) proprietorships, partnerships, and corporations.
Suppose a commodity market is initially in equilibrium. An increase in the nation's skilled labor force then lowers the marginal cost of producing each unit of output. Which of the following changes will be observed?
a. The demand curve will shift upward b. The supply curve will shift downward c. The demand curve will shift downward d. The supply curve will shift upward
The measured poverty rate may not reflect the true extent of economic deprivation because it does not include some forms of government assistance
a. True b. False Indicate whether the statement is true or false
Behavioral economists refer to the first price a consumer hears for a product as the ______.
a. anchor b. endowment c. frame d. marginal utility