According to the following graph, at point B,
The consumer's income is $1,200.
A. the consumer will receive more Y for each unit of X exchanged in the market than at point A.
B. the rate at which the consumer is willing to substitute X for Y is greater than it is at point A.
C. the consumer is willing to give up more Y in order to gain an extra unit of X than at point A.
D. both a and b
E. all of the above
Answer: E
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The classical growth theory asserts that
A) population growth leads to more growth in technology. B) population growth will lead to people earning only a subsistence level of income. C) economic growth will continue indefinitely. D) economic growth and population growth complement each other. E) population growth increases a nation's economic growth.
The primary current deficit is
A) current expenditures - tax revenues. B) current expenditures + transfers + net interest - tax revenues. C) current expenditures - net interest - tax revenues. D) current expenditures + transfers - tax revenues.
If a multi-plant firm with market power is maximizing its profits, the price it charges per unit of its product will ________ its ________.
A) equal; overall average cost B) equal; overall marginal cost C) exceed; demand D) exceed; overall marginal cost
The most likely complementary good for hot dogs would be:
A. ketchup. B. burgers. C. tacos. D. pizza.