An indifference curve shows _____
a. the relationship between total and marginal utility
b. the relationship between the quantity of a good and the maximum attainable satisfaction
c. the various combinations of two goods that give a consumer the same amount of satisfaction
d. the relationship between the price and quantity of a good that a consumer is able to purchase
e. that the quantities of a good that give a consumer maximum satisfaction are directly related to price
c
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The above figures show the market for gasoline. Which figure(s) shows the effect of a freezing cold winter which drives up the price of home heating oil (a substitute in production for gasoline because each is made from crude oil)?
A) Figure B B) Figure C C) Figure D D) Figures B and C
Which of the following is true at the output level where diminishing marginal product first set in?
a. Both marginal product and marginal cost are at a minimum b. Both marginal product and marginal cost are at a maximum. c. Marginal product is at a maximum and marginal cost is at a minimum. d. Marginal product is at a minimum and marginal cost is at a maximum.
OPEC has coordinated a reduction in supply that was
a. effective in insulating the members from the decrease in demand in the late 2000s. b. more profitable in the long run than in the short run. c. profitable in both the short run and the long run. d. more profitable in the short run than in the long run.
The ________ argument was formulated as a rationale for protecting emerging domestic industries from foreign competition
a. antidumping b. infant industry c. job and income d. declining industries