How can a consumer's demand for a good be derived using indifference curve analysis?
What will be an ideal response?
As the price of a good changes the consumer's budget constraint changes. Thus, it is possible to see how the consumer changes his utility-maximizing choice. This will give us his new quantity demanded at each price.
Economics
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Jose works at Intel. His manager tells him what work needs to be completed each month. Jose's resource, labor, is allocated with which of the following methods?
A) command B) majority rule C) force D) personal characteristics E) lottery
Economics
Keynesian economists argue that
A) equilibrium real GDP is demand-determined. B) equilibrium real GDP is supply-determined. C) equilibrium real GDP can be reached only in a theoretical economy. D) reaching equilibrium real GDP always results in inflation.
Economics