According to the following graph, at point A,
The price of Y is $50.
A. the consumer can exchange two units of X for one unit of Y and keep income unchanged.
B. the consumer can exchange two units of X for one unit of Y and keep utility unchanged.
C. the consumer receives twice as much marginal utility from X as from Y.
D. both a and b
E. all of the above
Answer: D
You might also like to view...
Most economic graphs have two lines perpendicular to each other. Where these lines meet is called the
A) origin. B) y-axis. C) x-axis. D) variable. E) point of beginning.
An active deficit:
a. Is the portion of the government deficit that automatically helps a nation from falling further into a recession. b. Is always less than the actual deficit when a nation is currently below full employment. c. Is the difference between government spending and taxes at full employment. d. All of the above are true. e. None of the above is true.
When average total cost is above marginal cost, average total cost is rising
a. True b. False Indicate whether the statement is true or false
When the economy's actual price level exceeds the expected price level, the real value of an agreed-on ________ ________ declines
a. real wage b. nominal wage c. contractual price d. supply level