The slope of an indifference curve is called the
a. bliss gradient.
b. happiness slope.
c. average transformation rate.
d. marginal rate of substitution.
d
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Refer to the scenario above. This implies that the country experienced a ________ during that year
A) trade deficit B) budgetary surplus C) budgetary deficit D) trade surplus
The figure above illustrates a rental housing market in which there is a rent ceiling of $400 a month. The rent ceiling is strictly enforced. The number of apartments rented is
A) less than 2 thousand. B) 2 thousand. C) 3 thousand. D) 4 thousand.
Suppose that each worker must use only one shovel to dig a trench, and shovels are useless by themselves. In the long run, the firm will experience
A) increasing returns to scale. B) constant returns to scale. C) decreasing returns to scale. D) The returns to scale cannot be determined from the information provided.
Product-specific services are often ________, but if they create value for the consumer, they ________ the retail demand.
A) inexpensive; increase B) inexpensive; decrease C) costly; decrease D) costly; increase