Which of the following are most likely to have L-shaped indifference curves?
a. ice cream and frozen yogurt
b. coke and pepsi
c. a white shirt and a blue shirt
d. a left shoe and right shoe
e. none of the above are likely to have an L-shaped indifference curve
Ans: d. a left shoe and right shoe
You might also like to view...
Natural oligopoly is a situation where
A) the level of demand can support only a few firms. B) there is only one firm. C) there are only two firms. D) there are legal barriers to entry.
A Big Mac costs $4.00 in the United States and 9.00 reals in Brazil. If the exchange rate is 2 reals per dollar, what is the dollar cost of a Big Mac in Brazil?
A) $0.89 B) $2.25 C) $4.50 D) $8.00
The period from the late 1990s to the winter of 2000 was marked by falling unemployment rates and falling inflation rates as well. How does economic theory explain this apparent violation of the Phillips curve model?
What will be an ideal response?
Suppose that a consumer has a health insurance program with $10 co-payment per doctor visit. If the consumer purchases 6 doctor visits and the bill charged by the doctor for 6 visits is $360, the cost per visit paid by a third party is:
A. $40. B. $70. C. $60. D. $50.