When a consumer moves from a lower to a higher indifference curve, the marginal rate of substitution automatically increases
Indicate whether the statement is true or false
FALSE
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A change in consumers' incomes causes a change in:
A. the demand for normal goods but not the demand for inferior goods. B. supply. C. demand. D. the cross-price elasticity of demand.
Michelle Palmisano has the rare talent to be a top rodeo rider, yet her winnings are not anywhere near the level of players in the major pro sports. The reason is that
a. anyone can ride in a rodeo b. demand and supply have simultaneously shifted by unknown amounts c. demand for her talent is not sufficient to support a high level of pay d. technology for saddles has not advanced for a long time e. consumer incomes have been increasing substantially
A mismatch of the skills of unemployed workers and the skills required for existing jobs is defined as:
a. involuntary unemployment. b. cyclical unemployment. c. structural unemployment. d. frictional unemployment.
The opportunity to increase profitability is the primary reason that firms decide to export.
a. true b. false