A simple model used in your textbook to show how an economy works is the
a. renewable resources model
b. normative economic model
c. insatiable wants model
d. econometric model
e. circular flow model
E
Economics
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An increase in an individual's income without changing relative prices will
a. rotate the budget constraint about the X-axis. b. shift the indifference curves outward. c. shift the budget constraint outward in a parallel way. d. rotate the budget constraint about the Y axis.
Economics
For market prices that are below the shut-down point of every firm in the market, the short-run market supply curve
a. slopes upward b. slope downward c. follows the horizontal axis d. rises at a 45-degree angle e. follows the vertical axis
Economics