Convexity of indifference curves imply that consumers are willing to
A) give up more "y" to get an extra "x" the more "x" they have.
B) give up more "y" to get an extra "x" the less "x" they have.
C) settle for less of both "x" and "y".
D) acquire more "x" only if they do not have to give up any "y".
B
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When tastes are risk averse, an individual will always choose less risk over more risk.
Answer the following statement true (T) or false (F)
Suppose Ecuador imposes a tariff on imported bananas. If the increase in producer surplus is $50 million, the reduction in consumer surplus is $150 million, and the deadweight loss of the tariff is $30 million, then the tariff generates $130 million in revenue for the government
a. True b. False Indicate whether the statement is true or false
A decrease in supply means that:
A. the supply curve will shift to the right. B. there is a movement upward and to the right along the supply curve. C. there is a movement down and to the left along the supply curve. D. the quantity supplied at every price will decrease.
Which of the following is a microeconomic topic?
A. the increase in the employment level of the United States in the past year B. the marketing strategy of the Apple Computer company C. the rate at which the cost of living has increased in Canada D. the increase in the amount of imports from China to the United States