Suppose that Milton likes to consume one glass of milk with every three chocolate chip cookies. For Milton, an additional cookie has no value unless he can consume it with the appropriate proportion of milk. Milton's indifference curves for milk and cookies are
a. right angles.
b. bowed inward.
c. bowed outward.
d. downward-sloping straight lines.
a
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Refer to the figure above. After the demand curve shifts to D2, if the price is held below the new equilibrium, then:
A) the quantity demanded will equal the quantity supplied. B) the quantity demanded will be greater than the quantity supplied. C) the quantity demanded will be less than the quantity supplied. D) there will be zero deadweight loss.
In recent years, the national debt was about 120 percent of the U.S. GDP
a. True b. False Indicate whether the statement is true or false
Find the equation that represents the negative consumption externality in this case.
The market for a chemical pesticide can be modeled as given below, where Q is measured in thousands of pounds: MSB = 20 – 0.4Q MPB = 20 – 0.3Q MSC = MPC = 12 + 0.1Q
Comparative advantage in production of a good occurs
A. when a country can produce that good using fewer resources than could other countries. B. when a country can produce that good at a greater opportunity cost than could other countries. C. when a country can produce that good at a lower opportunity cost than could other countries. D. when a country has a greater supply of natural resources required to produce that good, compared to other countries.