What will an indifference curve look like between two commodities that are perfect complements, such as right shoes and left shoes?
What will be an ideal response?
The indifference curve will be L-shaped. This shape indicates that more of either product, without any more of the other, would not make the consumer better off.
You might also like to view...
The following data summarize the expenditures for the country of XYZ during 2003 in millions of alphabet, the currency of country XYZ
Gross Private Domestic Investment $300 Business Fixed Investment $200 Change in Inventories $100 Exports $200 Imports $200 Personal Consumption Expenditures $800 Government Consumption Expenditures and Gross Investment $500 Statistical Discrepancy $10 Depreciation Expenditures $50 a. Calculate net exports b. Calculate GDP c. Calculate national income d. Assume that the GDP deflator is 120 and calculate real GDP for 2003.
The Bureau of Labor Statistics determines which prices are most important to the typical consumer by surveying consumers
a. True b. False Indicate whether the statement is true or false