One consumption bundle is revealed preferred to a second bundle if:
A. a consumer voluntarily chooses it over the second bundle.
B. surveys reveal that consumers are more likely to choose it than the second bundle.
C. it is cheaper than the second bundle.
D. it lies on a higher indifference curve than the second bundle.
A. a consumer voluntarily chooses it over the second bundle.
You might also like to view...
When a rug factory increases the labor it hires from 10 to 12 workers, the number of rugs produced increases from 16 to 20 . We know then that the marginal physical product of labor is
a. increasing b. negative c. impossible to compute d. 4 rugs e. 2 rugs
The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
Refer to Scenario 10.2. What level of output maximizes total revenue?
A) 0 B) 90 C) 95 D) 100 E) none of the above
The theory of ____________ holds that people will not vote if the costs of becoming informed and voting are too high, or if they feel their vote will not be decisive in the election.
a. irrational voting b. rational ignorance c. mathematical ignorance d. rational voting