When your income increases
A) your budget line shifts rightward and its slope does not change.
B) your budget line shifts leftward and its slope does not change.
C) the slope of your budget line increases.
D) the slope of your budget line decreases.
A
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If barriers to entry exist in the market for a product, then:
a. the costs of entry and exit are relatively low. b. there will be few close substitutes of the product in the market. c. firms will be incurring losses in both the short run and the long run. d. firms will tend to have relatively less monopoly power. e. the existing firms will quit the market in the long run due to mounting losses.
Real wealth changes with
A. disposable income. B. consumption. C. the price level. D. GDP.
The labor demand curve is
A. determined completely by the firm's technology. B. composed of the peaks of isoprofit curves. C. derived completely by the price of the firm's good. D. upward sloping. E. the same as the marginal cost curve.
Consider the following characteristics:
a. a market structure with barriers to entry b. demand curves that are easily identified c. firm cannot make zero profits in the long run d. firm can reap long-run profits. Which of the characteristics in the list above is shared by an oligopolist and a monopolist? A) a, b, c, and d B) a, b, and d C) a, c, and d D) a and d