Refer to the information provided in Figure 6.2 below to answer the question(s) that follow.
Figure 6.2Refer to Figure 6.2. Assume Mr. Lingle is on budget constraint AC. If the price of a gardenburger is $5, Mr. Lingle?s monthly income is
A. $8.
B. $150.
C. $200.
D. $240.
Answer: C
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Which of the following is negative for the "typical" consumer at some level of real disposable income?
A) average propensity to consume B) marginal propensity to save C) average propensity to save D) marginal propensity to consume
Which of the following statements is correct?
A) The demand curve of the perfectly competitive industry is elastic as are the demand curves facing the individual firms. B) The market demand curve of perfect competition is inelastic because the individual consumers are buying a homogeneous product. C) The market demand curve of the perfectly competitive industry is downward sloping while the demand curve of an individual firm is horizontal with a height equal to the product price. D) The market demand curve of the perfectly competitive industry is downward sloping, so the demand curves of the individual firms are also downward sloping.
A decrease in long-run aggregate supply increases the value of real GDP at the natural rate of unemployment for all price levels
a. True b. False Indicate whether the statement is true or false
Which of the following is NOT a barrier to entry for monopoly?
A. a patent B. government licensing C. large economies of scale D. a large number of existing firms in a market