From the modern "ordinalist" perspective, when we change the scale used to measure utility:
A. the consumers indifference curves remain unchanged.
B. the consumers indifference curves will shift in the same direction as the change in the scale used to measure utility.
C. the consumers indifference curves will shift in the opposite direction as the change in the scale used to measure utility.
D. consumers will "move along" their indifference curves.
A. the consumers indifference curves remain unchanged.
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Which of the following represents the resource supply curve faced by a firm that hires resources in a perfectly competitive resource market?
a. its ATC curve b. its AVC curve c. its MRP curve d. its MRC curve e. its AFC curve
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What will be an ideal response?
Which of the following countries has the greatest percentage of people living in extreme poverty?
A. China. B. India. C. Bolivia. D. Congo.
Which of the following statements is correct regarding a firm's decision-making?
a. The decision to shut down and the decision to exit are both short-run decisions.
b. The decision to shut down and the decision to exit are both long-run decisions.
c. The decision to shut down is a short-run decision, whereas the decision to exit is a long-run decision.
d. The decision to exit is a short-run decision, whereas the decision to shut down is a long-run decision.