The curve in the above figure shows alternative combinations of gasoline and coffee that Sam likes equally well. This curve is called
A) a budget line.
B) a demand curve.
C) a consumption curve.
D) an indifference curve.
D
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Other things remaining the same, which of the following is likely to happen if there is a decrease in the price of flour products?
A) There will be a decrease in both the wage rate and the employment levels in the flour industry. B) There will be an increase in both the wage rate and the employment levels in the flour industry. C) There will be an increase in the wage rate and a decrease in the employment levels in the flour industry. D) There will be a decrease in the wage rate and an increase in the employment levels in the flour industry.
The situation where one person's demand for a good depends on the consumption of the good by others is called a
A) network externality. B) network internality. C) consumption externality. D) production externality.