A curve that shows all of the alternative consumption bundles that the consumer likes equally well is called:
A. a budget constraint.
B. an indifference curve.
C. an individual demand curve.
D. a consumption bundle curve.
B. an indifference curve.
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Assume that there is rent control in Chicago. Which of the following is true?
A) All consumers in the rental market will benefit because the rent will be lower. B) The total surplus will fall because there will be a shortage of apartments. C) The total surplus will rise because consumer surplus will increase. D) Consumer surplus will increase and as a result all consumers in the rental market will benefit.
In 1970 the CPI was 39, and in 2000 it was 172. A local phone call cost $0.10 in 1970. What is the price of this phone call in 2000 dollars?
A) $1.42 B) $0.39 C) $1.72 D) $0.44 E) $0.23
Assume a price floor is imposed at the current equilibrium price in the market for lettuce. If the demand for lettuce then increases: a. a surplus of lettuce will be created
b. a shortage of lettuce will be created. c. the quantity of lettuce traded remains the same. d. the quantity of lettuce supplied will increase.
The rent earned on marginal land is
a. zero. b. the average of all qualities of land. c. above the average of all qualities of land. d. below the average of all qualities of land.