An indifference curve is a line that shows combinations of goods among which a consumer
A) needs equally.
B) does not care which combination he or she receives.
C) can afford.
D) has readily available.
B
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The maximum economic profit that can be made by a duopoly that colludes is equal to the ________
A) economic profit made by duopolists who cheat B) normal profit made by an oligopoly C) economic profit made by a monopoly D) normal profit made by firms in perfect competition
Information technologies are a ________ for low-skilled labor and a ________ for high-skilled labor
A) substitute; substitute B) complement; complement C) substitute; complement D) complement; substitute
Because a monopoly ignores external costs, it is possible that it will
A) produce the socially optimal quantity of a good. B) produce more than the socially optimal quantity of a good. C) produce less than the socially optimal quantity of a good. D) All of the above.
Unplanned inventory depletion occurs when real GDP is above its equilibrium level
a. True b. False Indicate whether the statement is true or false