Which combination of the following properties rules out indifference curves that intersect one another?
A. Completeness and diminishing marginal rate of substitution
B. More-is-better and diminishing marginal rate of substitution
C. Transitivity and more-is-better
D. Completeness and more-is-better
Answer: C
You might also like to view...
John has a marginal benefit of $7 for 1 slice of pizza, $5 for a second slice, $3 for a third slice, $1 for a fourth slice, and $0.50 for a fifth slice. The price of pizza is $1.50 per slice. Which of the following statements is correct?
A) John will purchase 3 slices of pizza and have consumer surplus of $10.50. B) John will purchase 4 slices of pizza and have consumer surplus of $12.00. C) John will purchase 2 slices of pizza and have consumer surplus of $1.50. D) John will purchase 3 slices of pizza and have consumer surplus of $4.50. E) John will purchase 2 slices of pizza and have consumer surplus of $3.00.
Expansionary fiscal policy normally lowers interest rates
a. True b. False Indicate whether the statement is true or false
In recent years less than _____ in 10 unemployed workers qualified for unemployed insurance benefits.
A. 1 B. 3 C. 5 D. 7
A cartel is a form of
A) collusion. B) vertical merger. C) noncooperative competition. D) negative sum game.