Indifference curves that lie below the budget line provide higher levels of utility, but they represent combinations that are not affordable
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to Figure 7-1. The efficient equilibrium quantity is ________ thousand vaccinations
A) 100 B) 200 C) 300 D) >300
There is an inverse relationship between the price of an existing bond and its
A. Current yield. B. Par value. C. Liquidity yield. D. Risk yield.
It is true of the demand side of the market for input pricing that
A. the same marginal productivity principle serves as the foundation for the demand schedule for each type of input. B. the demand schedule for one input cannot be determined independently of demand schedules for other inputs. C. the demand curve is the complete MRP curve. D. any inward shift in demand for a commodity will result in outward shifts in the demand curves for the inputs used to produce the commodity.
Which of the following statements is true?
A) In general, if a product has few substitutes it will have an elastic demand.
B) The more time that passes the more inelastic the demand for a product becomes.
C) The demand curve for a necessity is more elastic than the demand curve for a luxury.
D) The more narrowly we define a market, the more elastic the demand for a product will be.