Multiple Choice
Perfect substitutes will have
A) straight line indifference curves.
B) reverse L-shaped indifference curves.
C) L-shaped indifference curves.
D) curved indifference curves, bowed in from the origin.
E) curved indifference curve, bowed out from the origin.
Correct Answer:
Verified
Correct Answer:
Verified
Q18: A utility function<br>A) needs to measure the
Q19: The shape of the indifference curve depends
Q20: With consumption on the vertical axis
Q21: The principle that consumers and firms optimize<br>A)
Q22: An increase in total factor productivity shifts
Q24: Two key properties of indifference curves are
Q25: An indifference curve is best defined as<br>A)
Q26: When consumption and leisure are both normal
Q27: In the production function, Y = zF(K,
Q28: A defense for the assumption that consumers