Refer to the diagrams that show identical marginal utility from income curves for Singer and Catalano. The marginal utility from income curves are drawn on the assumption that:
A. Singer buys more inferior goods than does Catalano.
B. Singer and Catalano have identical capacities to enjoy income.
C. Catalano has a greater capacity to enjoy income than does Singer.
D. Singer has a greater capacity to enjoy income than does Catalano.
B. Singer and Catalano have identical capacities to enjoy income.
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Assuming the United States is the "domestic" country, if the real exchange rate between the United States and Russia decreases from 28 to 23,
A) the prices of U.S. goods and services have increased by 22% relative to Russia. B) the prices of U.S. goods and services have decreased by 5% relative to Russia. C) the prices of U.S. goods and services have increased by 25.5% relative to Russia. D) the prices of U.S. goods and services have decreased by 18% relative to Russia.
Refer to the diagram. At the profit-maximizing level of output, total revenue will be:
A. NM times 0M.
B. 0AJE.
C. 0EGC.
D. 0EHB.