The marginal propensity to consume (mpc) can be defined as the fraction of
A) a change in income that is spent.
B) a change in income that is saved.
C) income that is spent.
D) income that is saved.
A
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The beginning point of a graph (the 0,0 point) is known as
A. ground zero. B. mother lode. C. the origin. D. square one. E. the beginning.
If the graph shown is displaying a competitive labor market:
A. Q* would represent the most employment possible for the market. B. D would represent the workers' demand for jobs at each wage. C. P* would represent the equilibrium wage. D. S would represent the firm's supply of jobs at each wage.
Lisa eats both pizzas and burritos. If the price of a pizza increases, Lisa's opportunity set
A) becomes larger. B) becomes smaller. C) is unchanged. D) cannot be determined without more information.
A monopolist can sell 20 toys per day for $8.00 each. To sell 21 toys per day, the price must be cut to $7.00. The marginal revenue of the 21st toy is:
A. -$10 B. -$13 C. +$7 D. +$21