The figure above shows the demand for fruit snacks. Which movement reflects an increase in the price of a complement for fruit snacks?
A) from point a to point e
B) from point a to point b
C) from point a to point c
D) from point a to point d
C
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If two indifference curves were to intersect at a point, this would violate the assumption of
A) transitivity. B) completeness. C) Both A and B above. D) None of the above.
If the elasticity of substitution of a production function is equal to zero, then this production function is a
A) linear production function B) fixed proportion production function C) Cobb-Douglas production function D) None of above.
Families receive income from two primary sources:
a. resource earnings and transfers b. transfers and subsidies c. wages and rents d. transfers and gifts e. interest and dividends
Penetration pricing is:
A. a way to overcome an incumbent's first-mover advantage. B. ineffective in markets with strong networks. C. a way to raise a rival's fixed cost. D. a way to raise a rival's marginal cost.