Median household income in the United States has increased from $38,771 in 1967 to $51,017 in 2012. Based only on this fact, we can conclude that
A) Inequality is increasing in the United States.
B) Inequality is decreasing in the United States.
C) Inequality is not changing in the United States.
D) We cannot conclude anything about inequality in the United States without more information.
D
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According to Revealed Preferences, if a Consumer chooses a more expensive bundle of goods over a cheaper bundle of goods, we can conclude
A) the consumer prefers the more expensive bundle of goods. B) the consumer is behaving irrationally. C) the consumer is unaware of the cheaper bundle of goods. D) the consumer has convex preferences.
In the Cournot model, each firm assumes that its rival will ____ its output when the firm adjusts its own output. Which word best completes the sentence?
a. increase b. not change c. decrease d. adjust