Higher indifference curves represent lesser satisfaction
a. True
b. False
Indicate whether the statement is true or false
False
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From the Keynesians' perspective, a short-run Phillips Curve exists because
A) wages and prices are perfectly flexible. B) money demand is unstable. C) investment is unstable. D) wages change more slowly than the price level.
Explain why when the demand curve for a good is elastic, a one percent reduction in the price of the good will increase a consumer's expenditure on the good
What will be an ideal response?
Barometric price leadership exists when
A) one firm in the industry initiates a price change and the others may or may not follow. B) one firm imposes its best price on the rest of the industry. C) when all firms agree to change prices simultaneously. D) when one company forms a price umbrella for all others.
Which of the following is a fixed cost for Wendy's Hamburgers?
a. the cost of beef b. electricity to light up the Wendy's sign c. gasoline for the trucks that deliver supplies to the various franchises d. interest on funds borrowed to build new facilities e. expenditures on paper and plastic for packaging