A consumer will consume the combination of goods at the crossing point of a budget line and indifference curve
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
The figure above shows the labor market in a small town. If the government imposes ________ that firms must at least pay, the effect will be ________ because ________
A) a minimum wage of $10; an increase in unemployment; a surplus of labor is created B) a minimum wage of $10; no change in unemployment; it will not affect how firms demand labor C) a minimum wage of $10; a decrease in unemployment; a shortage of labor is created D) an efficiency wage of $10; an increase in unemployment; a shortage of labor is created E) an efficiency wage of $10; a decrease in unemployment; a surplus of labor is created
Following the imposition of the Smoot-Hawley tariff
A) international trade continued to expand. B) more than 40 countries imposed higher tariffs of their own. C) employment in the United States expanded rapidly. D) Two of the above.
Monopoly market structures may lead to lower prices than competitive markets in the presence of
a. price discrimination b. laissez-faire c. contestable markets d. substantial economies of scale e. countervailing power
The demand for cars in a certain country is given by: D = 20,000 - P, where P is the price of a car. Supply by domestic car producers is: S = 5,000 + 0.5P.If this economy is open to trade, and the world price of a car is $6,000, the domestic quantity demanded will be ________ and quantity supplied will be ________.
A. 8,000; 14,000 B. 12,000; 8,000 C. 14,000; 8,000 D. 12,000; 10,000