The optimal combination of goods for a consumer to purchase is shown by
a. any intersection of the indifference curve and the budget line.
b. the point where the budget line touches the vertical axis.
c. a point of tangency between the budget line and the indifference curve.
d. the point at which the indifference curve parallels the horizontal axis.
e. the intersection of two indifference curves.
c
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The above figure shows the U.S. market for wheat. When there no international trade, the U.S. price of wheat is ________ per ton and the U.S. equilibrium quantity is ________ tons
A) $14; 300,000 B) $14; 500,000 C) $16; 500,000 D) $16; 300,000 E) $16; 700,000
Requiring the buyer of one good to purchase another good as well is termed
a. predatory pricing. b. price discrimination. c. tying contracts. d. exclusive dealing.
The Monetary Control Act of 1980:
a. extended the Fed's authority to impose required-reserve ratios on all depository institutions. b. excluded the required-reserve ratios as an instrument of short-term policy. c. provided the Fed with the authority to use open market operations. d. all of the above. e. none of the above.
Economic development encompasses which of the following measures?
a. Economic growth. b. The political environment. c. Education. d. All of these.