Between two indifference curves, the one on the right indicates:
A) the same level of utility as the one on the left.
B) the same bundle of goods as the one on the left.
C) a higher level of utility than the one on the left.
D) a lower level of consumer income than the one on the left.
C
Economics
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It is conceivable that the APC, APS, MPC, and MPS could simultaneously be
A) APC = 1.0; APS = 0; MPC = 1.0; MPS = 0.15. B) APC = 1.0; APS = 0.1; MPC = 0.8; MPS = 0.25. C) APC = 1.3; APS = -0.3; MPC = 0.9; MPS = 0.1. D) APC = 0.8; APS = 0.2; MPC = 1.1; MPS = 0.1.
Economics
Refer to Figure 13-8. Based on the diagram, one can conclude that
A) some existing firms will exit the market. B) the industry is in long-run equilibrium. C) new firms will enter the market. D) firms achieve productive efficiency.
Economics