A consumer is in equilibrium when the slope of his or her indifference curve is equal to his or her budget constraint
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
Refer to the scenario above. This implies that the country experienced a ________ during that year
A) trade deficit B) budgetary surplus C) budgetary deficit D) trade surplus
In the long-run, if firms in a perfectly competitive market are incurring persistent economic losses, some firms will
A) exit and the price will fall. B) exit and the price will rise. C) enter and the price might either rise or fall. D) exit and the price might either rise or fall.
In a general equilibrium model, a tax on a single factor in its use only in a particular sector can affect returns to all factors in all sectors.
A. True B. False C. Uncertain
Refer to the above figure. At demand curve D2, price equals ________ and economic rent equals ________
A) OF; KHG B) OF; FHGO C) OE; EKGO D) OE; KHG