Multiple Choice
Scarcity means that:
A) our desire for a good exceeds the amount that is freely available.
B) at the current market price there is a shortage of the good.
C) we are unable to find a particular good in any of the stores we visit.
D) a particular good is difficult to produce.
Correct Answer:
Verified
Correct Answer:
Verified
Q40: For the utility function: U = x
Q41: Which of the following preference orderings violates
Q42: The continuity assumption implies that:<br>A)the indifference curves
Q43: The transitivity assumption implies that:<br>A)indifference curves measure
Q44: Mary's utility function is U(x,y)= 4x<sup>1/2 </sup>+
Q46: Given the utility function U(x<sub>1</sub>,x<sub>2</sub>)= x<sub>1</sub><sub> </sub>+
Q47: The utility function assigns a utility number
Q48: If an indifference curve is smooth and
Q49: Given the utility function U(x,y)= x<sup>2</sup><sup> </sup>+
Q50: When two goods are perfect substitutes, they