Two key properties of indifference curves are that an indifference curve slopes
A) upward and is bowed out from the origin.
B) downward and is bowed out from the origin.
C) upward and is bowed in toward the origin.
D) downward and is bowed in toward the origin.
D
You might also like to view...
All else equal, when oil prices increase, some uneconomical sources of oil tend to become more economical, and this will ________ proven reserves of oil and ________ the number of years it will take to deplete the stock of oil
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
What is the difference between the U.S. current account deficits of the 1980s and the 1990s?
What will be an ideal response?
Under monopoly, a firm:
a. is a price taker. b. maximizes profit by setting marginal cost equal to marginal revenue. c. will shut down in the short-run if price falls short of average total cost. d. always earns a pure economic profit.
Economies of scale exist when long-run average total costs ______.
a. fall as output expands b. rise as output expands c. are steady as output expands d. rise regardless of output