All possible combinations of goods that can be purchased at fixed prices with a specific income is
A. a marginal utility curve.
B. a total utility curve.
C. a budget constraint.
D. an indifference curve.
Answer: C
You might also like to view...
In the table above, if the wage rate is $12.00 per hour, the profit-maximizing number of workers is
A) 2. B) 3. C) 4. D) 5.
According to a 1963 edition of the Effingham Daily News, Illinois Consolidated Telephone Co switched from the switchboard system to the dial system at 12:01 a.m. Sunday, Aug. 18, 1963. Thirty miles of cable supported the new high-tech system
It took four weeks to lay the telephone lines that allowed Effingham residents to directly connect to each other through the telephone. How does the switch from the switchboard system to the dial system impact the labor market for switchboard operators? A) Increased the demand for telephone operators B) Increased the supply for telephone operators C) Decreased the marginal productivity of telephone operators D) Decreased telephone operators' value of marginal product
When constructing a demand curve,
a. demand is on the vertical axis and quantity is on the horizontal axis.
b. price is on the horizontal axis and quantity is on the vertical axis.
c. price is on the vertical axis and demand is on the horizontal axis.
d. price is on the vertical axis and quantity demanded is on the horizontal axis
The figure shows the demand curve for hotel rooms at a local resort
a. If the hotel charges $120 per night, how many rooms will they rent? b. If there are only 40 rooms available, how much are customers willing to pay for a room? c. If 60 rooms are available, how much are customers willing to pay? d. What do the dollars in your answer to part (c) represent?