Which of the following istrueconcerning the indifference map?
a. Each consumer has a map of indifference curves.
b. Consumers always prefer curves farther from the origin.
c. Each indifference curve in the map represents a different level of total utility.
d. All of the above are true.
e. None of the above is true.
d
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A perfectly competitive firm can be identified by the fact that
A. its average revenue equals its marginal revenue. B. it experiences diminishing marginal returns. C. it is making only accounting profits in the short run. D. there are other firms in the industry producing similar products.
We know that products G and H are related goods, because when the price of G increases,
A) the demand curve for H will shift to the right, because G and H are complementary goods. B) the quantity of H demanded will shift along its demand curve, because G and H are complementary goods. C) the demand curve for H will shift to the left, because G and H are complementary goods. D) the demand curve for H will remain unchanged because G and H are substitute goods.
For a monopolist that engages in price discrimination, when the price elasticity in market 1 is less (in absolute value) than in market 2, the optimal price in market 1 will exceed the optimal price in market 2
a. true b. false
If the prices of imported resources increase, then aggregate supply will decrease.
Answer the following statement true (T) or false (F)