The bowed shape of the indifference curve reflects the consumer's
a. unwillingness to give up a good that he already has in large quantity.
b. unwillingness to purchase a good that he already has in large quantity.
c. greater willingness to give up a good that he already has in large quantity.
d. greater willingness to purchase a good that he already has in large quantity.
c
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Which of the following information about fiat money is false? Fiat money
A) has little to no value except as money. B) is backed by gold. C) is authorized by a central bank or governmental body. D) serves as a medium of exchange.
The substitution effect of a change in wage rate on a firm's demand for labor input will be more significant
a. the greater the change in output. b. the more sharply curved are the firm's isoquants. c. the flatter are the firm's isoquants. d. the larger the quantity of labor employed.
What percentage of American families pay more payroll tax than they pay in income tax?
A. 40. B. 60. C. 75. D. 80.
At the Amarillo Piano Company, the average product of labor stays constant at 5, regardless of how much labor is employed. This implies that:
A. There are no fixed costs B. This firm can never maximize its profits C. The marginal product of labor is constant D. Labor exhibits diminishing marginal returns