A consumer's optimal choice occurs when the
a. consumer's valuation of the two goods equals the market's valuation of the two goods.
b. consumer minimizes her expenditures.
c. consumer attains the highest indifference curve.
d. consumer's valuation of the two goods exceeds the market's valuation of the two goods.
a
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Which of the following statements is true of creative destruction?
A) Creative destruction is encouraged in economies with extractive institutions. B) Creative destruction is a phenomenon that was mostly prevalent before the year 1800. C) Creative destruction is generally bad for an economy. D) Creative destruction creates losses for some economic agents and benefits for others.
If a price decrease results in no change in seller's total revenue then
a. supply determined demand b. supply is unresponsive to demand c. demand is elastic d. demand is inelastic e. demand is unitary elastic