This graph shows three different budget constraints: A, B, and C.
If Joe has budget constraint C in the graph shown, what is the relative price of three gallons of milk?
A. $12
B. 4 cases of soda
C. $9
D. 2 cases of soda
Answer: D
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A difference between a quota and a tariff is that
A) a tariff generates a higher price than does a quota. B) a tariff generates a greater reduction in exports than does a quota. C) a quota increases profits of domestic producers more than does a tariff. D) the government collects revenue from a tariff but does not collect revenue from a quota.
If a firm is the sole employer of a factor of production, it is known as
A) a monopsony. B) a monopoly. C) an economically discriminating firm. D) a competitor.
Households act as demanders when they demand
a. that corporate executives and government officials be held accountable for their actions b. dividends from the stocks they hold c. interest and capital gains from the bonds they hold d. goods and services from firms and the government e. payment for the goods and services they sell to firms and governments
The quantity demanded of an input normally rises as its price rises
a. True b. False Indicate whether the statement is true or false