Optimization can be achieved using either of two techniques of cost-benefit analysis. Which of the following correctly identifies the techniques?
A) Optimization in levels and optimization in programs
B) Optimization in levels and optimization in differences
C) Optimization in programs and optimization in frames
D) Optimization in differences and optimization in frames
B
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Variables A and B are directly related. If we plot A on the horizontal axis and B on the vertical axis, the line that connects combinations of A and B in a two-variable diagram is
A) parallel to the horizontal axis. B) downward-sloping (left to right). C) parallel to the vertical axis. D) upward-sloping (left to right). E) a or c
A decrease in supply will have what effect on equilibrium price and quantity?
A. Price will increase; quantity will decrease. B. Price will decrease; quantity will increase. C. Both price and quantity will increase. D. Both price and quantity will decrease.