A diagram of an individual's utility from income will be a line with a constant slope if the individual is risk-neutral.
Answer the following statement true (T) or false (F)
True
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The upward slope of the supply curve reflects the
A. law of diminishing marginal utility. B. principle of specialization in production. C. fact that price and quantity supplied are inversely related. D. law of supply.
In Problem 14, do firms enter or exit the market in the long run? What is the market price and the equilibrium quantity in the long run?
What will be an ideal response?
Explain the difference between a cartel and tacit collusion. Is tacit collusion illegal in the United States? Explain
What will be an ideal response?
In the IS model, assuming that the real interest rate does not change, an increase in autonomous ________ leads to an increase in the equilibrium level of ________
A) investment; consumption B) consumption; investment C) net exports; investment D) all of the above E) none of the above