The budget set is:
A. all the points on the budget line.
B. the area below the budget line.
C. the endpoints of the budget line.
D. all the points on the budget line and the area to the left of the budget line.
Answer: D
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Use the following graph of the demand for coffee to answer the question below.
Refer to the three demand curves for coffee. Which of the following would shift the demand for coffee from D1 to D3?
A. a decrease in the price of coffee B. a decrease in the number of buyers of coffee C. an expected increase in the price of coffee in the future D. an increase in the number of buyers of coffee
In monopolistic competition, each firm supplies a ________ part of the total market output and its actions ________ the actions of the other firms
A) small; do not directly affect B) small; directly affect C) large; do not directly affect D) large; directly affect
During a recession, would classical economists propose that changes in government spending or taxes be used to improve economic conditions? Briefly explain
What will be an ideal response?
The IV estimator can be used to potentially eliminate bias resulting from
A) multicollinearity. B) serial correlation. C) errors in variables. D) heteroskedasticity.