Nick consumes two goods, chips and lemonade. Located on the x-axis is the quantity of chips and on the y-axis is the quantity of lemonade. The magnitude of the slope of the budget line equals the
A) price of lemonade.
B) price of chips.
C) price of chips/price of lemonade.
D) price of lemonade/price of chips.
C
You might also like to view...
If market participants have rational expectations,
A) they can assume the stock prices they observe represent the fundamental values of those stocks B) they know to purchase stocks that are priced below their fundamental value C) they will achieve higher returns than those with adaptive expectations D) they can earn above-average returns on their investments
In situations where businesses who choose to discriminate because they are prejudiced are few in an industry, discrimination:
A. will be eliminated by the competitive market. B. will persist because customers will not give them patronage. C. will persist in an efficient market. D. None of these is true.
During the financial crisis of 2007-2009, the U.S. government determined that
a. AIG was too big to fail but Lehman Brothers was not. b. Lehman Brothers was too big to fail but AIG was not. c. both Lehman Brothers and AIG were too big to fail. d. neither Lehman Brothers nor AIG were too big to fail.
Suppose a monopolist faces the following demand curve.
If the monopolist were to sell 20 units of output, its total revenue would be:
A. $50. B. $140. C. $100. D. $1,000.