An indifference curve is negatively-sloped because:
A) utility is a subjective concept.
B) as the consumer obtains additional units of one good, the consumer is willing to sacrifice increasing amounts of the other good.
C) in order to remain at the same level of utility, if an individual gets more of one good, he must sacrifice some of the other good.
D) marginal utility is constant along an indifference curve, and increases in the consumption of one good cause the price of that good to fall.
C
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Suppose you buy an iPod for $100 . If your consumer surplus is $30, your willingness to pay is $70
a. True b. False Indicate whether the statement is true or false
Movie theaters charge lower prices to see a movie in the afternoon than in the evening because there is an:
A. elastic demand to see movies in the afternoon. B. elastic demand to see movies in the evening. C. inelastic supply of movies in the evening. D. inelastic demand to see movies in the afternoon.
Suppose a total of? 2,500 students are allowed in the engineering programs at all of the colleges in a particular city. From the previous three? years' record, it shows that the number of students who enroll in the entrance exam for the engineering program increases if there is an increase in the number of IT recruiters the previous year.This year there is a total of? 3,200 students who have enrolled to take the entrance exam of which only up to? 2,500 of those who passed would get in. Based on either the? students' perspective or the college? perspective, what combination of economic key concepts does the situation? follow?
A. Equillibrium and empiricism B. Optimization and empiricism C. Optimization, equillibrium, and empiricism D. Optimization and equillibrium
A ____________ is an organization of workers that negotiates with employers over wages and working conditions.
a. guild b. labor union c. professional association d. lobby