Multiple Choice
Perfect complements will have
A) curved indifference curve, bowed out from the origin.
B) reverse L-shaped indifference curves.
C) curved indifference curves, bowed in from the origin.
D) L-shaped indifference curves.
E) straight line indifference curves.
Correct Answer:
Verified
Correct Answer:
Verified
Q3: A consumer's real disposable income equals<br>A)total income
Q4: Perfect substitutes will have<br>A)reverse L-shaped indifference curves.<br>B)curved
Q5: The principle that consumers and firms optimize<br>A)is
Q6: In a one-period economy, the expression
Q7: The consumer's work-leisure choice problem focuses on
Q9: A utility function<br>A)measures relative happiness and income
Q10: In practice<br>A)lump sum taxes affect the effective
Q11: A static decision is one that<br>A)is made
Q12: When consumption and leisure are both normal
Q13: The property of diminishing marginal rate of