Indifference curves
a. are nonintersecting.
b. are contour lines of a utility function.
c. are negatively sloped.
d. All of the above.
d
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Suppose total disposable income in Country X rises by $500 billion while total consumption rises by $50 billion. What would be the slope of the consumption function for this nation?
a. 1 b. 0.1 c. 0.5 d. 0.25 e. 0.4
For the six years following the passage of the North American Free Trade Agreement (NAFTA),
a. the U.S. economy had some of the slowest job growth and highest unemployment in its history. b. the U.S. economy had some of the most rapid job growth and low unemployment in its history. c. the U.S. economy had some of the most rapid job growth and modest unemployment in its history. d. the U.S. economy had some of the slowest job growth and modest unemployment in its history.
In the 1990s, the United States benefited from a series of favorable supply shocks. This caused a(n)
a. increase in inflation and unemployment. b. decrease in inflation and unemployment. c. increase in inflation and a decrease in unemployment. d. decrease in inflation and an increase in unemployment.
A firm is more likely to have a natural monopoly when:
A. the size of the market is small relative to the efficient scale of the firm. B. the size of the market is large relative to the efficient scale of the firm. C. the firms face no or low fixed costs. D. the government grants the firm an exclusive license to operate.