A curve that describes the relationship between the price of a good and the amount a particular consumer purchases (holding the consumer's income, preferences and all other prices fixed) is called:
A. a price-consumption curve.
B. an individual demand curve.
C. an income-consumption curve.
D. a budget line.
B. an individual demand curve.
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Tom takes 20 minutes to cook an egg and 5 minutes to make a sandwich. Jerry takes 15 minutes to cook an egg and 3 minutes to make a sandwich. Tom has a comparative advantage in ________ and Jerry has a comparative advantage in ________
A) cooking eggs; making sandwiches B) making sandwiches; cooking eggs C) neither of these activities; both activities D) both activities; neither of these activities
Minimum efficient scale refers to the lowest level of output at which
A) the firm can earn a profit. B) average cost is minimized. C) the firm will operate. D) the average cost curve is downward sloping.