All points above a given indifference curve are
A) inferior to any point on the indifference curve.
B) preferred to any point on the indifference curve.
C) definitely not affordable.
D) Both answers Band C are correct.
B
You might also like to view...
Which of the following statements is NOT true during the colonial years, according to Hughes and Cain (2011)?
(a) Labor organizations were considered, by law, criminal conspiracies against society. (b) Colonial society provided for its aged and sick poor; others had to work. (c) Efforts to control wages and prices by governmental authority were present. (d) Compulsory labor applied only to slaves and indentured servants. (e) Idle persons were frequently jailed for the crime of having no visible means of support.
When all players are choosing their best strategies on the assumption that their opponents are doing likewise, the outcome is called:
a. a Stackelberg equilibrium. b. a Nash equilibrium. c. a Cournot equilibrium. d. a Bertrand equilibrium.
If this is a closed economy, how much will a bushel of corn cost?
A. $7 B. $1 C. $3 D. $5
A perfectly competitive firm, Paula's Pineapple Farm, is incurring a loss. In the short run it should continue to produce if ________, but in the long run, if there is no change in economic conditions, it should exit the industry.
A. price is above minimum ATC B. price is equal to minimum ATC C. price is above minimum AVC D. price is below minimum AVC