Refer to the above figure. Autonomous consumption is
A. only at point A.
B. to the left of point B.
C. only at point B.
D. to the right of point B.
Answer: A
You might also like to view...
For an individual, opportunity costs
a. decrease as consumption increases. b. include only the monetary costs of goods and services. c. reflect resource scarcity. d. reflect the fact that wants are unlimited. e. reflect the fundamental assumption that "more is better."
All of the following are assumptions of monopolistic competition EXCEPT
A) many buyers and sellers. B) homogeneous product. C) easy entry of new firms in the long run. D) profit-maximizing behavior.
The numerical value of a price elasticity represents the percentage amount by which the quantity demanded changes when the price
a. increases by 1 unit b. changes by 1 percent c. is in equilibrium d. is fixed in the market e. falls by 1 dollar
Market systems can be evaluated as efficient or inefficient, but not as fair or unfair
a. True b. False Indicate whether the statement is true or false