Refer to the information provided in Figure 23.2 below to answer the question(s) that follow.
Figure 23.2Refer to Figure 23.2. Suppose Jerry's MPC decreases. At income Y1, Jerry's
A. consumption will be less than his income.
B. consumption will be greater than his income.
C. saving will be zero.
D. all of the above
Answer: A
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If a monopoly's demand curve shifts to the right, the monopoly
A) will charge a higher price. B) will charge a lower price. C) will sell more. D) decision cannot be determined.
It is possible for one person to have an absolute advantage in something even if she has no comparative advantage in anything
a. True b. False
Suppose demand is given by Qxd = 50 ? 4Px + 6Py + Ax, where Px = $4, Py = $2, and Ax = $50. What is the advertising elasticity of demand for good x?
A. 0.52 B. 0.38 C. 1.12 D. 1.92
A firm announces that in order to purchase a Blu-ray player, its customers must also purchase 10 Blu-ray discs. This is an example of:
A. a tie-in sale. B. monopoly pricing. C. price discrimination. D. predatory pricing.