An indifference curve shows:
A. The maximum combinations of two products which a consumer can afford to buy, given prices and the consumer's income
B. The quantities of two products a consumer is willing to buy at different income levels
C. All combinations of two products from which the consumer derives a specific level of total utility
D. Combinations of two products which yield the same marginal utilities
C. All combinations of two products from which the consumer derives a specific level of total utility
You might also like to view...
In European countries where it is hard to fire an employee:
A. employers are reluctant to hire workers. B. employers instead rely on undocumented transient workers. C. employers try hard to train workers well. D. employers often treat workers very poorly.
Consider the short-run supply curve for a perfectly competitive industry. In general, which of the following statements are true?
A. The industry supply curve tends to be flatter (more elastic) than the horizontal sum of all the industrial firms' supply curves. B. The short-run industry supply is obtained by horizontally summing the supply curves of all the individual firms in the industry. C. Short-run supply for a perfectly competitive industry is flat for constant cost industries. D. both a and b E. none of the above are true in general