Which of the following is FALSE about indifference curves?
A) They are downward sloping.
B) They are convex to the origin.
C) They intersect.
D) They can shift.
Answer: C
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An increase in the average tax rate that ________ the budget deficit in an example of ________
A) raises, automatic stabilization B) raises, discretionary fiscal policy C) lowers, automatic stabilization D) lowers, discretionary fiscal policy
The market structure where there is a single supplier of a good or service for which there is no close substitute is
A) a price searcher. B) a monopoly. C) a tariff. D) the most economically efficient market structure.
In economics, the demand for a good refers to the amount of the good people:
a. would like to have if the good were free. b. are willing to buy at various prices. c. need to achieve a minimum standard of living. d. will buy at alternative income levels.
Markets in which the behavior of the firms theoretically leads to an efficient allocation of resources that maximizes the benefits to consumers given the resources available to consumers are
a. monopolistic competition and oligopoly. b. monopoly and oligopoly. c. monopolistic competition and monopoly. d. perfect competition and perfectly contestable.