When a consumer is purchasing the best combination of two goods, X and Y, subject to a budget constraint, we say that the consumer is at an optimal choice point. A graph of an optimal choice point shows that it occurs
a. along the highest indifference curve.
b. along the lowest budget constraint.
c. where the indifference curve is tangent to the budget constraint.
d. All of the above are correct.
c
Economics
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The Second Bank of the United States rose to prominence under the leadership of:
a. Alexander Hamilton. b. Andrew Jackson. c. Henry Clay. d. Nicholas Biddle.
Economics
Refer to the given data. If your taxable income is $4,000, your average tax rate will be:
A. 20 percent.
B. 15 percent.
C. 10 percent.
D. 5 percent.
Economics