An indifference map shows
A) that money income is constant, but product prices may change.
B) that utility is at a maximum at the origin.
C) that curves closer to the origin represent higher levels of utility.
D) that curves further from the origin represent higher levels of utility.
Answer: D
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In the figure above, the equilibrium market price is $20. $20 is the
A) marginal cost of the 150th unit. B) willingness to pay for the 1st unit. C) producer surplus. D) consumer surplus. E) deadweight loss.
When Carvana sold stock to the public in its IPO, it did so through the New York Stock Exchange. People who bought the shares
A) were promised to be repaid their investment plus interest. B) did so in the indirect finance market. C) own part of the company. D) All of the above are true.