Use the following graph to answer the question below. 
The graph shows that indifference curves are
A. transitive.
B. concave.
C. objective.
D. increasing.
Answer: A
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Elasticity of demand is likely to be higher for less-expensive goods, other things being equal.
Answer the following statement true (T) or false (F)
If a firm triples all of its inputs and its output doubles, it is said to be experiencing
a. diminishing marginal returns b. increasing marginal returns c. diseconomies of scale d. economies of scale e. constant average costs
Competitive pricing
a. ensures that goods will be allocated evenly b. ensures that goods will be allocated efficiently c. guarantees a fair distribution of goods d. only occurs in an oligopolistic market e. occurs at any quantity at which the demand curve is higher than the supply
Credit cards are
A) not money. B) not money, because they can't be used to purchase goods and services. C) considered to be money. D) counted as a part of M2 but not M1.