Autonomous consumption is the level of consumption that is
A) consistent with the average standard of living.
B) observed at the poverty line.
C) independent of real income.
D) available to someone earning the minimum wage.
Ans: C) independent of real income.
Economics
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Suppose there is a firm that has no fixed costs. At the point where marginal cost equals average variable cost,
a. fixed cost is rising b. marginal cost is rising c. average total cost is rising d. average variable cost is falling e. there is no total cost
Economics
The best explanation for the shape of a short run marginal cost schedule is
A. there is no fixed factor of production. B. increasing returns to scale. C. decreasing returns to scale. D. a fixed factor causes diminishing returns to other factors.
Economics