Refer to Figure 3.1. Which assumption concerning preferences do Alvin's indifference curves violate?
A) Diminishing marginal rates of substitution
B) Transitivity of preferences
C) More is preferred to less
D) Completeness
A
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Table 10-1 Q (in units) AFC (in dollars) AVC (in dollars) MC (in dollars) 0 C C C 2 2.5 18 10 4 1.25 14 14 6 0.83 18 42 8 0.63 30 94 10 0.5 50 170 In Table 10-1 are the short-run cost schedules of a perfectly competitive firm. If the market price of output is $50, the firm will produce ____ units and earn a profit of ____.
A. 6; $187.02 B. 6; $48 C. 8; $154.96 D. 8; $245.04
Discuss the problems with GDP as a measure of a country's current production and income
Workers, rather than firms, bear most of the burden of the payroll tax
a. True b. False Indicate whether the statement is true or false
When the prices of food and gasoline are added to core inflation, we get:
A. headline inflation. B. core deflation. C. hyperinflation. D. adjusted inflation.