In the United States, some state governments set tiered prices for electricity. These tiered prices lead to budget lines that are:
A. upward-sloping.
B. kinked.
C. horizontal at a specific level of electricity consumption.
D. vertical at a specific level of electricity consumption.
B. kinked.
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The demand curve depicts quantities demanded that have been gathered as prices have changed over time
a. True b. False Indicate whether the statement is true or false
John Maynard Keynes believed the ideas of economists to be
a. generally incorrect. b. powerful. c. academic and without practical application. d. rantings of madmen.
One big difference between tariffs and quotas is that tariffs:
A. raise the price of a good while quotas lower it. B. generate tax revenues while quotas do not. C. stimulate international trade while quotas inhibit it. D. hurt domestic producers while quotas help them.
The expectations hypothesis cannot explain why:
A. short-term yields are more volatile than long term yields. B. yields on securities of different maturities move together. C. yield curves usually slope upward. D. long-term bonds usually are less liquid than short-term bonds with the same default risk.