How much is autonomous consumption when disposable income is $4 trillion?
A. 0
B. $1 trillion
C. $2 trillion
D. $3 trillion
B. $1 trillion
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The demand curve for a monopolist’s product is also the monopolist’s
a. total revenue curve. b. marginal revenue curve. c. average revenue curve. d. total profit curve.
Which of the following is not a criterion for an ideal voting system, according to economist Kenneth Arrow?
A. Unanimity B. No dictator C. Transitivity D. Fairness
If, in response to an increase in the price of chocolate the quantity of chocolate demanded decreases, then economists would describe this as
A) a decrease in demand. B) a decrease in quantity demanded. C) a change in consumer income. D) a decrease in consumers' taste for chocolate.
Refer to the diagram. The firm's supply curve is the segment of the:
A. MC curve above its intersection with the AVC curve.
B. MC curve above its intersection with the ATC curve.
C. AVC curve above its intersection with the MC curve.
D. ATC curve above its intersection with the MC curve.