Convexity of indifference curves implies that consumers are willing to
A) give up more "y" to get an extra "x" the more "x" they have.
B) give up more "y" to get an extra "x" the less "x" they have.
C) settle for less of both "x" and "y".
D) acquire more "x" only if they do not have to give up any "y".
B
You might also like to view...
The length of time an unemployed person searches for a job is likely to increase as
A) the working age population gets older. B) new technologies make workers more productive. C) unemployment benefits become more generous. D) the birth rate declines. E) job rationing decreases.
Speculation in the sale of public lands
(a) did not occur. (b) placed land in the hands of capitalists at a price that was not competitive. (c) proved to be a necessary evil in transferring land from public to private ownership. (d) was caused by squatters.
The relationship between the price level and the real Gross Domestic Product (GDP) without full adjustment or full information is represented by
A) the distance between the long-run aggregate supply curve and the short-run aggregate supply curve. B) the short-run aggregate supply curve. C) the long-run aggregate supply curve. D) the aggregate demand curve.
What are the three types of firms? Explain the major advantages and disadvantages of each
What will be an ideal response?