Question 1

The property that rules out indifference curves that cross is:

Accepted Answer

A)  completeness. 
B)  transitivity. 
C)  diminishing marginal rate of substitution. 
D)  independence. 
A)  completeness. 
B)  transitivity. 
C)  diminishing marginal rate of substitution. 
D)  independence.

Question 2

If the price of a good purchased by a utility-maximizing consumer goes down,all other things remain the same,and the consumer's income is adjusted so that he can just barely attain his previous level of satisfaction,and if the consumer has indifference curves of the usual shape,it will be found that:

Accepted Answer

A)  more of the good will be purchased than before. 
B)  less of the good will be purchased than before. 
C)  the same amount of the good will be purchased as before. 
D)  the consumer will stop purchasing the good at all. 
A)  more of the good will be purchased than before. 
B)  less of the good will be purchased than before. 
C)  the same amount of the good will be purchased as before. 
D)  the consumer will stop purchasing the good at all.

Question 3

A worker's total earnings for one day is $100.He received a $20 fixed payment and consumes 14 hours of leisure.What is the hourly wage rate?

Accepted Answer

A)  $10 
B)  $6 
C)  $4 
D)  $8 
A)  $10 
B)  $6 
C)  $4 
D)  $8

The property that rules out indifference curves that cross is:

A worker's total earnings for one day is $100.He received a $20 fixed payment and consumes 14 hours of leisure.What is the hourly wage rate?

The Fundamentals of Managerial Economics

Market Forces: Demand and Supply

Quantitative Demand Analysis

The Production Process and Costs

The Organization of the Firm

The Nature of Industry

Managing in Competitive, Monopolistic, and Monopolistically Competitive Markets

Basic Oligopoly Models

Game Theory: Inside Oligopoly

Pricing Strategies for Firms With Market Power

The Economics of Information

Advanced Topics in Business Strategy

A Managers Guide to Government in the Marketplace

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Exam 4: The Theory of Individual Behavior

The property that rules out indifference curves that cross is:

A worker's total earnings for one day is $100.He received a $20 fixed payment and consumes 14 hours of leisure.What is the hourly wage rate?

The Fundamentals of Managerial Economics

Market Forces: Demand and Supply

Quantitative Demand Analysis

The Production Process and Costs

The Organization of the Firm

The Nature of Industry

Managing in Competitive, Monopolistic, and Monopolistically Competitive Markets

Basic Oligopoly Models

Game Theory: Inside Oligopoly

Pricing Strategies for Firms With Market Power

The Economics of Information

Advanced Topics in Business Strategy

A Managers Guide to Government in the Marketplace

Filters