Refer to Goods X and Y. If the indifference curves are horizontal, then we can conclude that
Assume that good X is on the horizontal axis and good Y is on the vertical axis in the consumer-choice diagram. PX denotes the price of good X, PY is the price of good Y, and I is the consumer's income. Unless otherwise stated, the consumer's preferences are assumed to satisfy the standard assumptions.
a. X does not affect the individual’s utility.
b. Y does not affect the individual’s utility.
c. both X and Y affect the individual’s utility.
d. neither good affects the individual’s utility.
a. X does not affect the individual’s utility.
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Despite the warning on a package of cigarettes about the potential health hazards of smoking, a man lights up a cigarette. An economist would conclude that: a. in the man's judgment, the expected marginal cost of smoking the cigarette outweighs the expected marginal benefit. b. the man is behaving irrationally
c. the smoker is unconcerned about his future health. d. in the man's judgment, the expected marginal benefit of smoking the cigarette outweighs the expected marginal cost.
Most grievances that do not involve a contractual matter can be resolved by ______.
a. the chief of police b. the city attorney c. the police captain d. the first line supervisor