Multiple Choice
The representative consumer acts competitively
A) when he or she is a price-maker.
B) if the consumer is large relative to the size of the market.
C) when he or she has to make decisions regarding work and leisure.
D) when he or she is a price-taker.
E) when he or she can haggle for a lower price.
Correct Answer:
Verified
Correct Answer:
Verified
Q47: An increase in total factor productivity<br>A)changes neither
Q48: Two key properties of indifference curves are
Q49: A consumer maximizes satisfaction at the point
Q50: An increase in the real wage<br>A)represents a
Q51: A good is normal for a consumer
Q53: In a one-period economy<br>A)consumption equals disposable income
Q54: Constant returns to scale means that,
Q55: With consumption on the vertical axis
Q56: A dynamic decision is one that<br>A)involved planning
Q57: In macroeconomic analysis, the representative consumer<br>A)is always