For which of the following pairs of goods would most people likely have convex indifference curves?
A) nickels and dimes
B) left shoes and right shoes
C) movie tickets and concert tickets
D) None of the above.
C
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In the above figure, ________ will shift in the demand curve from D to D1
A) an increase in income if pizza is an inferior good B) a decrease in the price of a sub sandwich, a substitute for pizza C) buyers' expectation that pizza will be less expensive next week D) a scientific article published that demonstrates eating pizza is good for one's health E) a fall in the cost of producing pizza
If, when a firm doubles all its inputs, its average cost of production increases, then production displays
A) economies of scale. B) diminishing returns. C) diseconomies of scale. D) declining fixed costs.
The quantity equation becomes the basis for a theory when we assume that velocity of money is constant
Indicate whether the statement is true or false
The short-run impact of an unanticipated shift to a more restrictive monetary policy is most likely to be a reduction in
a. prices, while real output is unaffected. b. the rate of unemployment. c. real output. d. the size of the budget deficit.