Which of the following is not true of all indifference curves?
A) they slope downward
B) the point at which one indifference curve intersects another represents an optimal consumption basket
C) they are bowed toward the origin
D) they can intersect with a budget constraint one or more times
B
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If the quantity demanded of a good decreases by 10 percent when the price of the good increases by 5 percent, the elasticity of demand is -2.00
Indicate whether the statement is true or false
Norma receives an increase in her nominal income. She complains that the current inflation rate of six percent erodes the real purchasing power of her additional nominal income. This is true
a. only if the increase in her nominal income is less than six percent. b. only if the increase in her nominal income is more than six percent. c. since inflation always reduces purchasing power. d. only if her real income increases.
The lines drawn to establish Federal Reserve Districts were based on:
A. solely population distribution in 1914. B. economic and political forces as well as population distribution in 1914. C. solely economic forces that existed in 1914. D. economic and political forces that existed in 1914.
When a good is put onto the global market at a price below the cost to produce it, this is known as
A. a quota. B. protection of domestic jobs. C. dumping. D. the infant-industry argument.