Which of the following is a property of an indifference curve?
a. An indifference curve typically slopes downward
b. Two indifference curves always intersect.
c. An indifference curve generally follows the principle of less is better.
d. The value of utility changes along an indifference curve.
a
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The various ways that vertical relationships can evade regulation include
a. tying the sale of a regulated good to a customer's choice of an unregulated good b. bundling regulated and unregulated goods c. preventing the exclusion of rival unregulated goods d. insuring tax rates are uniform across jurisdictions
A pay cap, acting as a price ceiling, for superintendent pay would do what in the labor market?
A. Decrease the supply of superintendents. B. Cause a shortage of superintendents. C. Increase the demand of superintendents. D. Cause a surplus of superintendents.
Suppose the following situation exists for an economy: Kt+1/N < Kt/N. Given this information, we know that
A) saving per worker equals depreciation per worker in period t. B) consumption per worker will tend to fall as the economy adjusts to this situation. C) saving per worker is greater than depreciation per worker in period t. D) the saving rate increased in period t. E) none of the above
What is economic profit?
A) gross revenue minus explicit costs B) gross revenue minus implicit costs C) gross revenue minus explicit and implicit costs D) the same as accounting profit