Which of the following is true?
What will be an ideal response?
Voters have little incentive to cast a well-informed vote, but consumers have a strong incentive to make informed choices.
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Refer to Scenario 10.2. What level of output maximizes total revenue?
A) 0 B) 90 C) 95 D) 100 E) none of the above
A nation's consumption possibilities frontier is
a. always the same as its production possibilities frontier b. never the same as its production possibilities frontier c. the same as its production possibilities frontier only if there is advantageous trade d. the same as its production possibilities frontier only if there is no international trade e. usually lower than its production possibilities frontier
A decrease in the price of a good will a. increase demand
b. decrease demand. c. increase quantity demanded. d. decrease quantity demanded.
When a consumer is purchasing the best combination of two goods, X and Y, subject to a budget constraint, we say that the consumer is at an optimal choice point. A graph of an optimal choice point shows that it occurs
a. along the highest indifference curve. b. along the lowest budget constraint. c. where the indifference curve is tangent to the budget constraint. d. All of the above are correct.