Figure 5-10
In the indifference curve pictured in Figure 5-10, which of the following is clearly true?
A. B is preferred to D.
B. B is preferred to C.
C. A is preferred to B.
D. C is preferred to D.
Answer: B
Economics
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"We offer the best deal in town. If somebody charges a lower price, bring in their ad and we'll beat it!" From the economic point of view, the firm promising to match its competitor's low prices is attempting to
A) lie. B) cheat. C) learn more about the market. D) do nothing more than bait and switch their customers.
Economics
If a country's production possibilities curve gets more bowed out over time, it is an indication that
A) technological change has taken place. B) society is learning to use its resources more efficiently. C) the quantity of labor and capital have increased. D) resources have become more highly specialized.
Economics