The slope of an indifference curve represents the maximum amount of one commodity that a consumer is willing to give up in exchange for one more unit of another commodity
a. True
b. False
Indicate whether the statement is true or false
True
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A decline in the price of resource A will
A. shift the demand curve for A to the right. B. shift the demand curve for A to the left. C. reduce the demand for complementary resource B. D. increase the demand for complementary resource B.
If you work 4 extra hours, and the slope of the curve showing the relationship between your income and work hours is 8, your income will increase by
A) $2. B) $4. C) $12. D) $32.
Income not spent directly on domestic output is
A. A leakage. B. An injection. C. Investment. D. A circular.
Given the information that follows, how much are your family business's (a) accounting profits? (b) Economic profits? Sales: $700,000; total costs: $450,000; return you could have earned elsewhere: $20,000; wages you and your family members could have earned doing the same work for another firm: $120,000.
What will be an ideal response?