If X and Y are perfect substitutes, which of the following assumptions about indifference curves is not satisfied?
A) Completeness
B) Transitivity
C) More is preferred to less
D) Diminishing MRS
E) none of the above (All of the above assumptions are satisfied.)
D
Economics
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In the United States in the 1920s, there were many bank failures in ___ areas, as the result of ___
a. rural, high levels of indebtedness taken on in WWI b. rural, pro-urban Federal spending policies c. urban, lack of demand from the lower middle class for industrial products d. urban, pro-rural Federal spending policies
Economics
Economists maintain that the price of a product has no effect on demand. How can this be true?
Economics