You consume only steak and lobster. Your substitution effect from a drop in the price of lobster is measured by a movement along your indifference curve between steak and lobster

Which of the following is likely to be an unreported economic activity?

A) the brokerage fees paid to a broker at Merrill Lynch B) the purchase of shares of stock in Walgreen's Pharmacy C) a $250,000 bonus paid to the CEO of a company D) tips paid to a taxi driver E) the minimum wage paid to a teenager working at a McDonald's

Expected utility functions have to be concave if they are to represent risk averse tastes.

Answer the following statement true (T) or false (F)