On a preference map, higher indifference curves represent higher levels of total utility.
Answer the following statement true (T) or false (F)
True
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If pizza and tacos are substitutes, a decrease in the price of tacos would lead to a
A) decrease in the demand curve for pizza. B) decrease in the quantity demanded of pizza. C) decrease in the price of pizza. D) All of the above.
For the monopolistically competitive firm, the demand curve it faces will be flatter:
A. the less complementary the good is. B. the more complementary the good is. C. the less differentiated the good is. D. the more differentiated the good is.
That an increasing number of jobs that do not pay enough to subsist on is ____ theory of poverty.
A. a conservative B. a liberal C. both a liberal and a conservative D. neither a liberal nor a conservative
Refer to Scenario 19.1 below to answer the question(s) that follow. SCENARIO 19.1: An individual earning $60,000 pays $12,000 in taxes. The marginal tax rate on any income earned above $60,000 is 25%. Refer to Scenario 19.1. When this person earns $70,000, her average tax rate is
A. 20.7%. B. 22.5%. C. 25%. D. indeterminate from this information.