The slope of the consumption schedule between two points on the schedule is:
A. The ratio of the change in consumption to the change in disposable income between those two points
B. The ratio of the change in disposable income over the change in consumption between
those two points
C. Equivalent to one plus the marginal propensity to save
D. Equivalent to the average propensity to consume
A. The ratio of the change in consumption to the change in disposable income between those two points
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A decrease in the price of an input will
A) increase demand for the product. B) decrease demand for the product. C) increase supply of the product. D) decrease supply of the product.
The a firm's short-run cost curves shifts when there is a change in
A) technology B) the prices of factors of production C) the quantity of outputs D) Both answers A and B are correct.