In a competitive market, the actions of any single buyer or seller will
a. have a negligible impact on the market price.
b. have little effect on market equilibrium quantity but will affect market equilibrium price.
c. affect marginal revenue and average revenue but not price.
d. adversely affect the profitability of more than one firm in the market.
a
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The magnitude of the slope of an indifference curve is:
A) called the marginal rate of substitution. B) equal to the ratio of the total utility of the goods. C) always equal to the ratio of the prices of the goods. D) all of the above E) A and C only
If food is measured on the horizontal axis of budget line diagram, and clothing is measured on the vertical axis, an increase in
a. the price of clothing will make the budget line steeper b. income will make the budget line steeper c. income will make the budget line flatter d. the price of food will make the budget line steeper e. the price of food will make the budget line flatter