The consumption function has a negative slope
a. True
b. False
Indicate whether the statement is true or false
False
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If all consumers are price-takers facing the same prices, then all choice sets are the same.
Answer the following statement true (T) or false (F)
With a monopoly, the consumer’s surplus is lower than it would be with a perfectly competitive industry.
Answer the following statement true (T) or false (F)
At $6 per steak, consumers are willing to buy two steaks. At a price of $2, consumers are willing to buy six steaks. The elasticity of the market demand curve between P = $6 and P = $2 (dropping all minus signs) is
a. 0.33. b. 1. c. 2. d. 4.
As the interest rate falls, people hold ________ money in non-interest-bearing checking accounts instead of savings accounts because the opportunity cost of holding money has ________.
A. less; fallen B. more; risen C. more; fallen D. less; risen