A consumer chooses an optimal consumption point where the
a. marginal rate of substitution equals the relative price ratio.
b. slope of the indifference curve exceeds the slope of the budget constraint.
c. ratios of all the marginal utilities are equal.
d. All of the above are correct.
a
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From 1995-2007, the Irish economy ________
A) suffered from severe unemployment, famine and labor migration B) witnessed a boom in the real economy, but suffered through a collapse in asset prices C) enjoyed one of the highest growth rates in the world D) suffered through a period of prolonged deflation
By approximately how much would the federal government have to raise each worker's annual taxes to eliminate the current federal budget deficit?
A) between $50 and $100 per year B) about $50,000 per year C) between $50,000 and $100,000 per year D) about $4,000 per year
Factors affecting the price elasticity of demand include all of these EXCEPT:
a. percentage of the consumer's budget b. the availability and closeness of substitutes c. positioning as income inferior d. time period of adjustment e. all of the above affect the price elasticity of demand
Which of the following events would definitely cause a decrease in the equilibrium price of cotton shirts?
What will be an ideal response?