When a consumer is purchasing the best combination of two goods, X and Y, subject to a budget constraint, we say that the consumer is at an optimal choice point. A graph of an optimal choice point shows that it occurs
a. along the highest attainable indifference curve.
b. where the indifference curve is tangent to the budget constraint.
c. where the marginal utility per dollar spent is the same for both X and Y.
d. All of the above are correct.
d
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If an entire industry relocates to a foreign country, the relocation leads to a higher rate of ________ unemployment
A) frictional B) structural C) structural and frictional D) cyclical E) structural and cyclical
Refer to the table above. Which of the following statements is true of the monopolist's marginal revenue?
A) As the monopolist reduces the price of its product from $9 to $3, the marginal revenue decreases. B) As the monopolist reduces the price of its product from $9 to $3, the marginal revenue increases. C) As the monopolist reduces the price of its product from $9 to $3, the marginal revenue first increases then decreases. D) As the monopolist reduces the price of its product from $9 to $3, the marginal revenue first decreases then increases.
Since 1942, the number of school districts in the United States has declined by almost _____ districts
a. 25,000 b. 50,000 c. 75,000 d. 100,000
One of the concepts that is illustrated by a downward sloping production possibilities frontier is that
a. technology must change in order to produce more of a particular good b. to produce more of one good, some of the alternative goods must be given up c. opportunity cost generally declines as more of a good is produced d. specialization leads to gains in overall utility for society e. opportunity cost generally does not vary as more of a good is produced