Which of the following would be inconsistent with the More-Is-Better Principle?
A. Indifference curves with negative slopes
B. Indifference curves that cross
C. Indifference curves that are L-shaped
D. Indifference curves that are parallel to one another
B. Indifference curves that cross
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Payments to Social Security recipients would decline if the retirement age were lowered.
Answer the following statement true (T) or false (F)
Which of the following might be an example of an economic argument against advertising?
a. It causes the demand for the good to be more elastic b. It allows the producer to earn an economic profit in the long run c. People may be deluded into thinking that a good with a brand name is better than an otherwise identical generic brand d. The claims made in the ads are almost always false
Because a supplier will not charge more or less than the market price, that individual supplier’s demand curve is ______ over the entire range of output.
a. vertical b. horizontal c. upward diagonal d. downward diagonal
When higher taxes discourage whatever activity is being taxed, that is called
A. a multiplier effect. B. tax discouragement. C. a negative incentive effect. D. tax abatement.