Say a consumer always consumed peanut butter and jelly in fixed proportions (for a perfect peanut and jelly sandwich). Then the indifference curves for peanut butter and jelly for this consumer would be
A. a straight line with negative slope.
B. convex.
C. a straight line with positive slope.
D. L-shaped.
Answer: D
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Technological change allows perfectly competitive firms to ________ and leads to ________
A) lower their costs; lower prices for consumers B) raise their prices; higher prices for consumers C) lower their costs; higher prices so the firms can earn economic profits in the long run D) raise their costs; higher prices and maximum profits in the long run E) lower their costs; deadweight loss
The United Automobile Workers union can select the most favorable point on the demand curve for labor and the auto manufacturing companies can do nothing in response
a. True b. False Indicate whether the statement is true or false
Perfectly competitive firms will produce as long as marginal revenue exceeds marginal cost.
Answer the following statement true (T) or false (F)
Economic growth is:
A. about the quality of life for all sectors of society. B. an indicator of individual poverty. C. a measurement of available resources. D. the measure of changes in real GDP.