The magnitude of the slope of an indifference curve
A) is equal to the marginal rate of substitution.
B) always equals the relative price of the product measured along the horizontal axis.
C) increases as income increases.
D) decreases when income increases.
A
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Why do economists regard who is legally responsible for paying the tax to be irrelevant?
What will be an ideal response?
The marginal cost curve intersects the average fixed cost curve at its minimum
Indicate whether the statement is true or false
The piecemeal actions of Parliament to curtail the various colonial manufacturing activities
a. stemmed from a deep-seated fear of American competition. b. were punitive, in response to colonial smuggling and price dumping. c. were a roundabout attempt to undermine the colonial shipbuilding industry. d. were largely taken to protect vested, well-lobbied interests.
The shutdown point is also referred to as the breakeven point
a. True b. False Indicate whether the statement is true or false