If a consumer is always indifferent between an additional one grapefruit or an additional two oranges, then when oranges are on the horizontal axis the indifference curves:
A) will be straight lines with a slope of -1/2.
B) will be straight lines with a slope of -1.
C) will be straight lines with a slope of +1/2.
D) will be right angles whose corners occur on a ray from the origin with a slope of +2.
E) none of the above
A
Economics
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In the figure above, which budget line has the lowest relative price of carrots?
A) AD B) BD C) CD D) The relative price is equal for all three budget lines.
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The questions of what to produce, how to produce, and for whom are answered by
a. free-market economies. b. economies that are a mixture of planning and markets. c. command economies. d. all economic systems in some manner.
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