The Utility Possibility Frontier is derived from utility curves.
A. True
B. False
C. Uncertain
A. True
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Refer to Figure 4.3. Which diagram most likely represents the indifference map for left shoes and right shoes?
A. A
B. B
C. C
D. D
Refer to the accompanying national income data for the economy. All figures are in billions of dollars. The national income is
A. 573
B. 533
C. 568
D. 580
The slope of the consumption function is equal to the marginal propensity to save.
Answer the following statement true (T) or false (F)
Hours of OperationMarginal Cost16212318424530636742
Krystal runs a nail salon and needs to decide how many hours to stay open. Table 2.2 illustrates her marginal costs of staying open for each additional hour. Suppose that we observe Krystal staying open 5 hours and her marginal benefit of staying open per hour is $18. If she is following the marginal principle, Krystal should:
A. stay open 2 more hours. B. stay open 3 more hours. C. stay open 2 fewer hours. D. stay open 3 fewer hours.