A demand curve shows the relationship
a. between income and quantity demanded.
b. between price and income.
c. between price and quantity demanded.
d. among income, price, and quantity demanded.
c
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The phenomenon known as the tragedy of the commons occurs whenever:
a. the private sector owns resources and manages them tragically. b. the government owns resources and manages them tragically. c. there is no ownership of resources, so they become depleted due to lack of management. d. two countries own the same resource and cannot agree on its management.
A person's consumption possibilities is defined by the budget line because
A) it marks the boundary between what is affordable and unaffordable. B) it represents the individual's preference for different combinations of goods. C) it marks the boundary between what can be produced and what is unattainable given the current state of technology and resources. D) all consumers must consume on their budget line.