Pareto points in the Edgeworth Box are
A. found when utility curves are tangent.
B. found when MRS are equal.
C. found when one person cannot be made better off without making another person worse off.
D. all of these answer options are correct.
E. none of these answer options are correct.
D. all of these answer options are correct.
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The long-run Phillips curve represents the relationship between the inflation rate and the unemployment rate when there is no ________ unemployment
A) cyclical B) frictional C) seasonal D) structural E) natural
Economists refer to the relationship that a higher price leads to a lower quantity demanded as the _____________.
a. income gap b. market equilibrium c. law of demand d. price model
A consumer should increase his/her consumption of good Y relative to good X if:
A. the marginal benefit per dollar spent on good X is greater than the marginal benefit per dollar spent on good Y. B. the marginal benefit per dollar spent on good X is smaller than the marginal benefit per dollar spent on good Y. C. the marginal benefit per dollar spent on good X is the same as the marginal benefit per dollar spent on good Y. D. None of these
Of the collection of supply and demand diagrams in Figure 2.2, which one shows the result of an increase in the price of a complement for a good?
A. Figure 1 B. Figure 2 C. Figure 3 D. Figure 4