Suppose that Sam likes pears twice as much as apples, meaning that he is always indifferent between consuming one pear or two apples. Sam's indifference curves for pears and apples are
a. right angles.
b. bowed inward.
c. bowed outward.
d. downward-sloping straight lines.
d
You might also like to view...
Firms that extend credit to borrowers using funds from raised from savers are called:
A. financial intermediaries. B. stock brokers. C. bond dealers. D. central banks.
Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D2 and S2 (point E). Which of the following changes would cause the equilibrium to change to point A?
A) a positive change in the technology used to produce apples and decrease in the price of oranges, a substitute for apples B) an increase in the wages of apple workers and a decrease in the price of oranges, a substitute for apples C) an increase in the number of apple producers and a decrease in the number of apple trees as a result of disease D) a decrease in the wages of apple workers and an increase in the price of oranges, a substitute for apples
To achieve allocative efficiency, firms
a. strive to minimize fixed costs b. strive to maximize profits c. produce at their minimum long-run average cost d. produce at their minimum long-run marginal cost e. produce the output consumers want most
Which of the following is not a function of money?
a. store of value b. medium of exchange c. standard of quality d. standard of deferred payment