Refer to the graphs shown, which show indifference curve analysis with the associated demand curves.
An increase in the price of Y most likely would cause a rational consumer to move from point:
A. H to point I.
B. B to point A.
C. C to point B.
D. F to point D.
Answer: C
Economics
You might also like to view...
A fundamental principle of economics is that every choice has a(n) _____________ cost.
a. established b. variable c. fixed d. opportunity
Economics
The extent of the decline in output associated with the imposition of an employment tax depends on the
A) slope of the labor supply curve. B) tax rate. C) wage rate. D) slope of the labor demand curve.
Economics
The relationship between real GDP and potential GDP is that
A) real GDP always equals potential GDP. B) real GDP never equals potential GDP. C) real GDP fluctuates about potential GDP. D) real GDP is always below potential GDP.
Economics
In a closed economy, national saving equals
A) C + I + G. B) Y - C - G. C) Y - C - I. D) Y - G - I.
Economics