Indifference curves that cross would suggest that
a. different individuals have different preferences for the same goods.
b. the consumer is likely to prefer a redistribution of income from rich to poor.
c. the consumer does not prefer more to less.
d. the marginal rate of substitution is the same for both indifference curves.
c. the consumer does not prefer more to less.
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Often bar owners will require that patrons stand in a line to get a wristband entitling them to pay a preferred price for drinks if they arrive early to the bar
The wristbands are typically tamper- resistant and can be easily identified if patrons have been switching wristbands with other customers. What is the bar owner concerned about and why does he make his patrons wear these bands?
A firm's short-run supply curve is its marginal cost curve above the shut-down point.
Answer the following statement true (T) or false (F)
Which of the following is consistent with a competitive market?
A.) A small number of firms B.) Exit of small firms when profits are high for large firms C.) Zero economic profit in the long run D.) Marginal revenue lower than price for each firm
The aggregate-demand curve
a) has a slope that is explained in the same way as the slope of the demand curve for a particular product.
b) is vertical in the long run.
c) shows an inverse relation between the price level and the quantity of all goods and services demanded.
d) All of the above are correct.