?
In Figure 5-13, the slope of the budget line (dropping all minus signs) equals
A. price of good X/price of good Y.
B. price of good Y/price of good X.
C. the minimum number of units of good Y the consumer would have to receive to make him willing to give up one unit of good X.
D. the minimum number of units of good X the consumer would have to receive to make him willing to give up one unit of good Y.
Answer: A
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A perfectly inelastic demand curve is
a. a vertical straight line b. a horizontal straight line c. a downward-sloping straight line d. an upward-sloping straight line e. not a straight line
If the price was $8, her consumer surplus would be
Demand and Utility Schedules for Packs of Star Wars Trading Cards
A. $27.
B. $19.
C. $8.
D. $3.
If a monopsonist offers a wage of $6, he finds that 1,200 people are willing to work for him. This means that the:
A. marginal factor cost is $6. B. marginal factor cost is $200. C. total wage cost is $1,200. D. total wage cost is $7,200.
The value of all outstanding federal government securities is called
A. the net internal debt. B. the fiscal deficit. C. the budget deficit. D. the public debt.