In an indifference map, one would most likely see indifference curves that:
a. are positively sloped.
b. intersect at the origin.
c. cross at the equilibrium point.
d. are bowed inward toward the origin.
e. represent greater utility as they approach the origin.
d
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The above figure shows the U.S. market for replacement cell phone batteries. With free trade, the United States imports ________ batteries and once the tariff illustrated in the figure is imposed, the United States imports ________ batteries
A) 900,000; 700,000 B) 800,000; 400,000 C) 300,000; 100,000 D) 700,000; 300,000 E) 900,000; 100,000
An exchange rate arrangement with a free market determined floating exchange rate for capital account transactions and a fixed exchange rate for current account transactions is called
A) capital-current account exchange rate system. B) dual exchange rate system. C) managed exchange rate system. D) crawling peg exchange rate system.
If a technological advance lowers a firm's production costs, why do prices typically fall? Shouldn't the firm maintain the same price and earn economic profit?
Figure 3-18
Refer to . Which area represents the increase in consumer surplus when the price falls from P1 to P2?
a.
ABD
b.
ACF
c.
DEF
d.
BCFD