Indifference curves illustrate
a. a firm's profits.
b. a consumer's budget.
c. a consumer's preferences.
d. the prices of two goods.
c
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Charging different prices to different consumers for the same product when the price differences are not due to differences in cost is called arbitrage
Indicate whether the statement is true or false
Which of the following did NOT contribute to the European experience of the past few decades where the stand of living rose more slowly than labor productivity?
A) longer vacations B) higher unemployment C) higher participation rates D) All of the above
Suppose the market for coffee is in equilibrium at a price of $5 per pound. This means that:
A. any producer who sells coffee can earn a positive economic profit. B. potential producers not producing coffee have reservation prices less than $5 per pound. C. potential consumers not buying coffee value it at less than $5 per pound. D. everyone can afford to buy coffee.
In 2009-2010 the federal government
A) achieved a budget surplus for the first time in more than a decade. B) ran a budget surplus, and this reduced the size of the national debt. C) financed approximately 40 percent of its expenditures through borrowing. D) ran a budget deficit, and this reduced the size of the national debt.