All of the following are properties of typical indifference curves except
a. higher indifference curves are preferred to lower ones.
b. indifference curves are downward sloping.
c. indifference curves do not cross.
d. indifference curves are bowed outward.
d
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What decision must be made by firms with market power that is not made by firms which operate in perfectly competitive markets? Explain
What will be an ideal response?
If a firm is able to cover its variable costs by operating in the short run then, at its best output level, the
a. marginal revenue is equal to marginal cost b. vertical distance between MR and MC is maximized c. vertical distance between TR and TC is minimized d. marginal cost curve lies above the marginal revenue curve e. marginal cost curve is minimized
If a good is inferior, the income elasticity of demand must be
A. negative. B. positive and greater than 1. C. merely positive (not necessarily greater than 1). D. zero.
If measurement errors did not exist, real per capita GDP would be an undeniably accurate measure of human welfare.
Answer the following statement true (T) or false (F)