Assume an indifference curve yields a consumer 1,000 utils of total utility. If the consumer's budget increases by 50 percent, then the indifference curve:
a. shifts rightward.
b. shifts leftward.
c. becomes more linear.
d. is unchanged.
d
You might also like to view...
An increase in demand will increase total revenue: a. Always
b. Only if supply is relatively inelastic. c. Only if supply is relatively elastic. d. Only if supply is unit elastic.
Which of the following would be most appropriate for the measurement of differences in the average standard of living of people at different points in time?
a. nominal GDP b. real GDP c. nominal GDP per capita d. real GDP per capita
When the Fed sells bonds, the money supply:
A. Selling bonds does not affect the money supply. B. sometimes rises and sometimes falls. C. contracts. D. expands.
Answer the question using the following data, which show all available techniques for producing 20 units of a particular commodity If a new production technique is developed that enables a firm to produce 20 units of output with 3 units of land, 3 of labor, 1 of capital, and 2 of entrepreneurial ability, this technique would
What will be an ideal response?