A consumer's optimal choice is affected by income, prices of goods, and preferences
a. True
b. False
Indicate whether the statement is true or false
True
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John moved his office from a building he was renting downtown to the carriage house he owns in back of his house. How will his profit change?
a. Implicit costs fall. b. Explicit costs remain unchanged while implicit costs rise. c. Economic profit must fall. d. Explicit costs rise. e. Accounting profit will rise.
Which of the following is a career that could result from majoring in economics?
a. Management b. Government c. Banking d. All of these choices
Which of the following will not cause the demand curve for athletic shoes to shift?
What will be an ideal response?
Friedman and others view changes in velocity as the result of changes in
a. income. b. who is the chairman of the Federal Reserve. c. interest rates. d. inflation.