If point A on an indifference curve lies higher (measured vertically) than point B on the same curve, Point A automatically represents higher total utility than point B.
Answer the following statement true (T) or false (F)
False
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Each member of a cartel
a. faces a temptation to cheat on the agreement because lowering its price slightly below the established price will usually increase the firm's sales and profit. b. faces a temptation to cheat on the agreement because raising its price slightly above the established price will usually increase the firm's sales and profit. c. has no temptation to cheat on the agreement because lowering its price slightly below the established price will usually have no impact on the firm's sales and profit. d. has no temptation to cheat on the agreement because raising its price slightly above the established price will usually decrease the firm's sales and profit. e. has no temptation to cheat on the agreement because lowering its price slightly below the established price will usually lower the firm's sales and profit.
The quantity consumed of a good is relatively unresponsive to changes in price whenever demand is:
A. unitary. B. inelastic. C. elastic. D. falling.
According to the classical theory, the aggregate supply curve is
A. downward sloping. B. upward sloping. C. horizontal. D. vertical.
Which has a more elastic demand: hamburger or beef?
What will be an ideal response?