A risk averse person's utility of wealth curve has a
A) positive slope and becomes steeper to the right.
B) positive slope and becomes flatter to the right.
C) negative slope and becomes steeper to the right.
D) negative slope and becomes flatter to the right.
B
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The cost of inflation to society includes
A) unpredictable changes in the value of money. B) higher interest rates paid by borrowers. C) higher interest rates paid by the government on its debt. D) the lost spending when people do not have enough money.
For a perfectly competitive firm, the shutdown point is the
A) amount of output at which price equals minimum average variable cost. B) amount of output at which price equals minimum average total cost. C) price at which economic profit is zero. D) price at which total opportunity cost is zero.