The slope of an indifference curve for products X and Y is the ratio of the marginal utility of product X to the marginal utility of product Y.
Answer the following statement true (T) or false (F)
True
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In the 1960s, many economists and policymakers believed the trade-off between inflation and unemployment was permanent
Indicate whether the statement is true or false
Researchers have found numerous significant relationships between final prices agreed upon by bargainers and their personal characteristics such as education, income, and age
Indicate whether the statement is true or false
To qualify as "money," a virtual currency does not have to be:
a. A unit of account. b. A store of value. c. A medium of exchange. d. Legal tender. e. To qualify as money, a virtual currency must be all of the above.
Suppose that 50,000 tickets were sold at $400 for an NBA game at Madison Square Garden in New York. The game was sold out and some fans could not get tickets. This suggests that
A. selling price was below equilibrium price. B. selling price was at equilibrium. C. the game was advertised too heavily. D. selling price was above equilibrium price.