Indifference curves shift or rotate
A) only when income changes.
B) only when prices change.
C) when either income or prices change.
D) with none of the above because changes in income and prices do not shift indifference curves.
D
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Because firms selling a homogeneous product set price in response to the (perceived) pricing decision of other firms in the Bertrand Model of oligopoly in equilibrium price exceeds marginal cost
Indicate whether the statement is true or false
In sequential order, the four phases of the business cycle are
A) trough, peak, expansion, contraction. B) peak, contraction, trough, expansion. C) expansion, contraction, peak, trough. D) contraction, trough, peak, expansion.
Which of the following conditions is TRUE for a monopolist?
A) MR < P B) MR = P C) MR = AFC D) MR < AVC
A good that has social costs that are less than private costs has a quantity that is
A) too high. B) too low. C) just right. D) equal to zero.