A curve that describes the relationship between income and the amount of a good consumed (holding the consumer's preferences and all other prices fixed) is called:
A. a price-consumption curve.
B. the Engel curve.
C. an income-consumption curve.
D. a budget line.
B. the Engel curve.
Economics
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The short run is not the same length of time for all firms and industries because: a. entrepreneurs have different tastes and preferences
b. the average product of labor varies across industries. c. the life span of capital and the extent of capital specialization will vary across firms and industries. d. The marginal product of capital begins to diminish at different levels of capital utilization across firms.
Economics
Government goods are delivered "free," which means that they are costless.
Answer the following statement true (T) or false (F)
Economics