Higher production indifference curves correspond to larger amounts of one input in relation to a second input
a. True
b. False
Indicate whether the statement is true or false
False
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The income elasticity of demand for bicycles is +10, which implies that bicycles are
A) an inferior good. B) a normal good. C) a substitute good for motorbikes. D) a complement good for motorbikes.
If in a market the last unit of output was sold at a price higher than marginal cost
A) producer is better off producing more. B) consumers are better off if less of the product is sold. C) social welfare is not maximized. D) the unit increased total profit.
Suppose the market supply curve is p = 5 + Q. If price increases from 10 to 15, the change in producer surplus is
A) 12.5. B) 5. C) 50. D) 37.5.
In the 1960s, U.S. economy experienced
a. a substantial decline in real GDP but limited inflation. b. a substantial decline in real GDP coupled with significant inflation. c. substantial real GDP growth coupled with significant inflation. d. substantial real GDP growth with limited inflation.