The indifference curve in the diagram yields Juan 100 units of utility. If Juan's money income were to increase by 20 percent, the indifference curve would:
A. shift leftward.
B. shift rightward.
C. become steeper.
D. not be affected.
D. not be affected.
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Social Security payments automatically increase when the CPI goes up because of the
A) years receiving social security. B) cost-of-living adjustments. C) individual being married or unmarried. D) age of the recipient.
A firm has achieved technological efficiency whenever it has
A) fully depreciated all its assets. B) produced the given output using the fewest inputs. C) produced the given output at the lowest cost. D) all of the above.
Internal economies of scale arise when the cost per unit
A) falls as the average firm grows larger. B) rises as the industry grows larger. C) falls as the industry grows larger. D) rises as the average firm grows larger. E) remains constant over a broad range of output.
To say that a firm is competitive in the labor market is to say that the firm can choose
a. both the wage it pays its workers and the number of workers it hires. b. neither the wage it pays its workers nor the number of workers it hires. c. the wage it pays its workers, but it cannot choose how many workers to hire. d. the number of workers it hires, but it cannot choose the wage it pays its workers.