If an individual's indifference curve map does not obey the assumption of a diminishing MRS, then
a. the individual will not maximize utility.
b. the individual will buy none of good X.
c. tangencies of indifference curves to the budget constraint may not be points of utility maximization.
d. the budget constraint cannot be tangent to an appropriate indifference curve.
c
Economics
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The table above shows the total cost incurred by Sue's Coat Shop, a perfectly competitive firm. If the market price of a coat is $285, Sue's will maximize economic profit by selling ________ coats a day
A) 7 B) 11 C) 8 D) 9
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A recession can be expected to reduce inflation in the economy if the recession is caused by a(n)
a. increase in aggregate demand. b. increase in aggregate supply. c. decrease in aggregate demand. d. decrease in aggregate supply.
Economics