Suppose Alyssa likes oranges twice as much as apples, no matter how many apples or oranges she has. Her indifference curves for oranges and apples
a. are right angles
b. are straight lines.
c. slope upward.
d. cross one another at certain points.
b
You might also like to view...
How can the demand for one good be affected by increased demand for another one?
(A) When goods are bought together, increased demand for one will decrease demand for the other. (B) A drop in price for a good will increase demand for the good and its substitute. (C) If goods are used together, increased demand for one will increase demand for the other. (D) If goods are substitutes for each other, increased demand for one will increase demand for the other.
Suppose Good Food's supermarket raises the price of its steak and finds its total revenue from steak sales does not change. This is evidence that price elasticity of demand for steak is:
a. perfectly elastic. b. perfectly inelastic. c. unitary elastic. d. inelastic. e. elastic.