Using the data in the above table, if income is on the x-axis and the amount spent on restaurant meals is on the y-axis, the graph of the two variables would be
A) upward sloping.
B) downward sloping.
C) vertical.
D) horizontal.
A
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Suppose you are paid a wage of $50 per hour. if your marginal income tax rate is 20%, then for every additional hour you work, your tax wedge is
A) $10. B) $20. C) $25. D) $40.
Suppose when the price of mascara is $12, the quantity demanded is 450, and when the price is $8, the quantity demanded is 550. Using the mid-point method, the price elasticity of demand is:
A. –0.5 B. –2.0 C. –55 D. –180
The reason that you don't drink five cups of coffee at breakfast is that
a. the marginal utility of extra cups of coffee eventually diminishes b. most people cannot afford five cups c. the total utility of coffee rises as you consume more cups d. the price of coffee rises as you buy more cups e. the marginal satisfaction derived from cups of coffee remains constant
The MRP is
A) the supply curve of labor for an individual firm. B) the demand curve for labor for an individual firm. C) the demand curve for labor for the entire market. D) the supply curve of labor for the entire market.