An indifference curve
A) connects a set of consumption bundles among which the consumer is indifferent.
B) is only useful in analyzing apathetic consumers.
C) connects a set of consumers who each have the same preferences.
D) is only useful in microeconomics.
A
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When demand is elastic,
A) changes in price and changes in total revenue move in the same direction. B) there is no relationship between changes in price and changes in total revenue. C) changes in price and changes in total revenue move in opposite directions. D) for any change in price, total revenue will not change.
The term "free rider"
a. refers to the reduction of incentives for an individual to provide effort. b. describes the privatization of goods and property. c. refers to a situation in which resources are overused and quickly exhausted. d. describes people who did not pay for their ship travel to the colonial US because their relatives would pay their fares once they arrived.