If two indifference curves were to intersect at a point, this would violate the assumption of
A) transitivity.
B) completeness.
C) Both A and B above.
D) None of the above.
A
You might also like to view...
Which of the following best describes the capture theory of regulation?
i. Regulation seeks an efficient use of resources. ii. Regulation is aimed at keeping prices as low as possible. iii. Regulation helps firms maximize economic profit. A) i only B) ii only C) iii only D) i and ii E) i, ii, and iii
In the market for yen, a decrease in U.S. real interest rates tends to
A. increase excess supply. B. cause no change in equilibrium price. C. decrease equilibrium price. D. increase demand.
Central banks intervene in the foreign exchange market
A) to smooth out currency fluctuations. B) to facilitate the transfer of goods and services internationally. C) to conduct foreign exchange operations for central governments. D) All of the above.
If more and better technology is used for producing wheat in the United States than in a lesser-developed country, then the:
a. MRP of the U.S. workers will be higher than the MRP of the workers in the lesser-developed country. b. MRP of the U.S. workers will be lower than the MRP of the workers in the lesser-developed country. c. demand for the U.S. workers will be lower than the demand for the workers in the lesser developed country. d. price of wheat will be higher in the United States than in the lesser-developed country. e. wages of the U.S. workers will be lower than the wages of the workers in the lesser-developed country.