The intuition behind the budget constraint is that
A) more options are preferred to less.
B) money is the root of all happiness.
C) information is power.
D) scarcity is avoidable with prosperity.
A
Economics
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When the percentage change in the quantity supplied is less than the percentage change in price, the supply is
A) elastic. B) inelastic. C) unit elastic. D) perfectly unit elastic. E) perfectly elastic.
Economics
The vertical distance between total cost curve and total variable cost curve is equal to
A) average fixed cost. B) total fixed cost. C) average variable cost. D) average total cost. E) marginal cost.
Economics