When indifference curves are bowed in toward the origin,
a. consumers are more inclined to trade away goods they have in abundance.
b. an increase in income will shift the indifference curve away from the origin.
c. a decrease in income will shift the indifference curve toward the origin.
d. Both b) and c) are correct.
a
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Use the following information to answer the next question.The following items describe the responses of four individuals to a Bureau of Labor Statistics (BLS) survey of employment.Mollie just graduated from college and is now looking for work. She has had three job interviews in the past month but still has not gotten a job offer.George used to work in an automotive assembly plant. He was laid off six months ago as the economy weakened. He expects to return to work in a few months when national economic conditions improve.Jeanette worked as an aircraft design engineer for a company that produces military aircraft until she lost her job last year when the Federal government cut defense spending. She has been looking for similar work for a year but no company seems interested in
her aircraft design skills.Ricardo lost his job last year when his company downsized and laid off middle-level managers. He tried to find another job for a year but was unsuccessful and quit looking for work.Which individual would be classified as a discouraged worker? A. Jeanette B. Ricardo C. George D. Mollie
The Jeans Store sells 7 pairs of jeans per day when it charges $100 per pair. It sells 8 pairs of jeans per day at a price of $90 per pair. The marginal revenue of the eighth pair of jeans is
A) $20. B) $90. C) $100. D) $700.
A firm currently has 5 workers each paid $15 per hour. If it decides to hire a 6th worker, the hourly wage increases to $18 for all workers. The 6th worker is expected to contribute to around $40 worth of output. Based on this information, the firm should
a. Hire the 6th worker since MR>MC
b. Not hire the 6th worker since MR>MC
c. Not hire the workers since MR
Use an Ace bandage and a rubber tie-down to make an analogy for explaining the price elasticity of demand
Please provide the best answer for the statement.