Diversification is most effective in reducing:

If you considered steak and lobster to be perfect substitutes for each other, your indifference curves between them would be L-shaped

Indicate whether the statement is true or false

Figure 10-1 ? If the price level in Figure 10-1 were 120,

A. there would be excess goods on the market. B. firms would have to raise their prices. C. inventories would be disappearing. D. aggregate quantity demanded would exceed aggregate quantity supplied.