The indifference curves for left shoes and right shoes are right angles
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
The demand curve for a monopoly is
A) horizontal because the demand is perfectly elastic. B) downward sloping. C) vertical because the demand is perfectly inelastic. D) upward sloping. E) undefined because it is the only supplier in the market.
Median voters in settings where the policy space is single dimensional and everyone has single peaked preferences are Arrow Dictators.
Answer the following statement true (T) or false (F)
The above figure shows the market demand curve for mobile telecommunications (time spent on a mobile phone). The current price is $0.35 per minute. If the price were to increase by ten cents per minute, consumer surplus would
A) fall to $820. B) fall by $84. C) fall by $58. D) fall to $369.
Suppose the market demand for milk is Qd = 150 - 5P. Additionally, suppose that a dairy's variable costs are VC = 2Q2 (where Q is the number of gallons of milk produced each day), its marginal cost is MC = 4Q and there is an avoidable fixed cost of $50 per day. In the long run there is free entry into the market. Suppose the demand for milk doubles. If in the short run the number of firms is fixed and their fixed costs are sunk, the short run market supply function is:
A. Qs = 40P if price is greater than $20. B. Qs = P/4 if price is greater than $20. C. Qs = 2.5P if price is greater than $20. D. Qs = 300 - 10P for all prices.