If two commodities are perfect complements, the indifference curve is a straight line
a. True
b. False
Indicate whether the statement is true or false
False
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Industries often lobby against the removal of regulations because
a. the regulations often enforce a de facto cartel agreement. b. their customers would be made worse off without government-proscribed standards. c. the largest firms could then dominate the industry. d. deregulation would cause higher entry prices for new firms.
Output per worker must be ________ output per person.
A. less than or equal to B. no more than half the size of C. equal to D. greater than or equal to
At a consumer optimum involving goods X and Y, the marginal utility of good X equals 5 utils. The price of good Y is three times the price of good X. What is the marginal utility of good Y?
A. 5. B. 3. C. 15. D. There is not enough information.
Suppose a plaintiff hires a lawyer to represent her in a court case. Under which of the following contracts is efficiency in risk bearing assured?
A) The lawyer is paid by the hour. B) The lawyer receives a share of the settlement. C) The lawyer receives a fixed fee. D) It is impossible to determine without the degree of risk aversion for each.