Suppose electricity (E) can be produced with coal (C) or gas (G) to operate steam turbines (T). Suppose gas is more efficiently burned than coal but that they are otherwise perfect substitutes. E = min((G + .5C), T). The isoquants between gas and coal will be
a. hyperbolas
b. quarter circles
c. straight lines
c
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A decrease in wealth leads to a
A) downward movement along the supply of loanable funds curve. B) rightward shift of the demand for loanable funds curve. C) leftward shift of the demand for loanable funds curve. D) rightward shift of the supply of loanable funds curve. E) leftward shift of the supply of loanable funds curve.
An example of exclusive dealing occurs when
a. one individual serves on more than one board of directors b. one individual serves on only one board of directors c. a producer sells spark plugs to a car manufacturer with the understanding that the manufacturer will buy spark plugs only from that producer d. the seller offers a good for sale to an individual (or a limited group) on substantially better terms than is available to the general public e. a producer of spark plugs requires that customers also purchase rotors when they buy spark plugs