Imagine a budget line depicting a consumer's possible allocation of a given income between fruit and vegetables. If the consumer's income increases at the same time the price of vegetables rises, the budget line's intercept with the
a. fruit axis will be unaffected
b. fruit axis will move toward the origin
c. vegetable axis will be unaffected
d. fruit axis will move toward the origin
e. vegetable axis might remain unchanged, move toward the origin, or move away from the origin
E
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Use the above figure. The total revenue earned by the monopolistically competitive firm is
A) $300. B) $285. C) $180. D) $255.
Betty goes out to enjoy a bouffe with her friend instead of practicing calculus problems for her maths examination that is due the following day. This implies that the opportunity cost of the bouffe to Betty is zero
a. True b. False Indicate whether the statement is true or false
Beginning in the mid-1970s, Congress deregulated several industries including airlines and trucking
a. True b. False Indicate whether the statement is true or false
A.B. Denson Company had been employing 6 workers and 8 tons of raw materials, using 2,000 square feet of plant space. The firm increased its work force to 12 workers utilizing 16 tons of raw materials in a plant space increased to 4,000 square feet. Total number of units of output increased from 78 to 160 . What kind of returns to scale is the firm experiencing? Defend your answer