Multiple Choice
The shape of the indifference curve depends on
A) the price of goods.
B) the family income.
C) the substitutability between goods for the household.
D) the level of happiness for the household.
E) the relative price of good Y.
Correct Answer:
Verified
Correct Answer:
Verified
Q14: The marginal product of a factor of
Q15: A consumer's real disposable income equals<br>A) wage
Q16: A consumer maximizes satisfaction at the point
Q17: The marginal rate of substitution<br>A) can be
Q18: A utility function<br>A) needs to measure the
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
Q23: Perfect substitutes will have<br>A) straight line indifference
Q24: Two key properties of indifference curves are