Refer to the information provided in Figure 23.2 below to answer the question(s) that follow.
Figure 23.2Refer to Figure 23.2. An increase in Jerry's income is represented by
A. a movement from Point B to A.
B. an increase in the slope of Jerry's consumption function.
C. an upward shift in Jerry's consumption function.
D. none of the above.
Answer: A
You might also like to view...
Tom and Jerry are the only members of society. The table above shows their marginal benefits from defense satellites, a public good. If the marginal social cost of a satellite is $54, the quantity of satellites provided by a competitive market is
A) 0. B) 1. C) 2. D) 3.
Assume that a monopolist practices perfect price discrimination. The firm's marginal revenue curve will
A) be perfectly elastic. B) be equal to its demand curve. C) lie below its demand curve. D) be perfectly inelastic.
The aggregate demand curve tells us the equilibrium level of real GDP corresponding to any price level
a. True b. False
competition is present when
What will be an ideal response?