Firms choose the highest indifference curve they can obtain given the lowest possible budget line
a. True
b. False
Indicate whether the statement is true or false
True
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Which is an example of "capital"?
A) A carpenter's skills B) A singer's voice C) A judge's unblemished reputation D) A blast furnace E) All of the above.
The statement "There is no accounting for taste" implies
A) individuals all have the same preferences. B) individuals all have different cardinal preferences but the same ordinal preferences. C) individuals all have different ordinal preferences but the same cardinal preferences. D) individuals all have different ordinal and cardinal preferences.
Capital is appropriately classified as a
A. flow. B. process. C. stock. D. growth rate.
If the market demand curve in a perfectly competitive industry shifts left, the demand curve for each existing firm will: a. shift up
b. shift down. c. shift right. d. shift left.