Economic growth may understate changes in standards of living if
A. the growth is accompanied by increasing congestion.
B. the types of jobs generated feelings of alienation.
C. deflation is taking place.
D. leisure time is also increasing.
Answer: D
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When measuring the substitution effect, one uses the change along
A) the old indifference curve. B) the new indifference curve. C) either the old or the new indifference curve. D) the budget constraint.
Average cost
a. is always larger than marginal cost. b. declines for some range of output, hits a minimum, and then increases. c. is always smaller than marginal cost. d. is total cost/price of the product.
comparing M1 and M2 we know that
What will be an ideal response?
Refer to the above graph. Consider a monopolist in short-run equilibrium. This monopolist has total fixed cost equal to area:
A. ABED. B. ADFC. C. 0CFQ. D. BEFC.