The intuition behind the budget constraint is that
A) more options are preferred to less.
B) money is the root of all happiness.
C) information is power.
D) scarcity is avoidable with prosperity.
A
You might also like to view...
A rise in the price of a good causes producers to supply more of the good. This statement illustrates
A) the law of supply. B) the law of demand. C) a change in supply. D) the nature of an inferior good.
Which point shows where the United States economy would have a 100 percent unemployment rate?
A. Point B
B. Point C
C. Point D
D. Point E
Which of the following is true?
A. When a family migrates, there may be both tied movers and tied stayers in the family. B. Cultural assimilation is not included in migration costs. C. A repeat mover must have made a mistake in the initial move. D. A family will move even though as a unit they are better off staying as long as at least one member of the family is made better off by moving. E. A person might choose to not move because their family is better off by not moving, even though the person would individually be better off by moving.
When the price and output decisions of one firm include the possible price and output reactions of the firm's rivals, the market is
A. a monopoly characterized by differentiated products. B. an oligopoly characterized by mutual interdependence. C. perfectly competitive characterized by collusion. D. monopolistically competitive characterized by nonprice competition.