Which of the following is not a characteristic of indifference curves?
A) Indifference curves cannot intersect.
B) The closer to the origin, the greater the utility level.
C) Indifference curves are usually bowed in, or convex.
D) The slope of an indifference curve is negative.
B
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Planned economies
a. can increase production rapidly but are likely to be inefficient b. can produce efficiently but can't guarantee consumers' needs are met c. can produce efficiently, but only at low levels of output d. can provide for all society's needs, but are likely to be inefficient e. none of the above
A decrease in money demand will shift the
A) IS curve to the left. B) IS curve to the right. C) LM curve to the left. D) LM curve to the right.
In a competitive market with free entry and exit, if all firms have the same cost structure, then
a. all firms will operate at their efficient scale in the short run. b. all firms will operate at their efficient scale in the long run. c. the price of the product will differ across firms. d. Both a and b are correct.
In general, the less elastic the resource supply, the less the economic rent as a proportion of total earnings
Indicate whether the statement is true or false