Consumer equilibrium occurs at:
a. the point where the indifference curve crosses the budget line from below.
b. any point of intersection between an indifference curve and the budget line.
c. the midpoint of every indifference curve
d. the point of tangency between an indifference curve and the budget line.
d
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If the price of a good rises, supply will
A. increase. B. decrease. C. not change. D. the answer depends upon the demand in the market.
Compare and contrast cardinal utility and ordinal utility. Which concept is sufficient for ranking consumers' preferences? Why?
What will be an ideal response?
Supply-side macroeconomic policy is based on the idea that an increase in the aggregate supply curve will result from a decrease in business taxes and deregulation, resulting in both an increase in real GDP and an increase in the overall price level
Indicate whether the statement is true or false
An example of a barrier to entry is
A. plentiful natural resources. B. helpful government regulation. C. lack of a key resource. D. low-cost resources.