An individual is endowed with $100 of income in period 1, and will receive an income of 121 in period 2. The interest rate is 10%, and there are only 2 periods. In order to have the same level of consumption in both periods, each period’s consumption must be

A monopolistic competitor's demand curve tends to be more inelastic than a monopolist's demand curve

a. True b. False Indicate whether the statement is true or false

If you fall short of a certain minimum standard of living, you are poor; once you pass this standard, you are no longer poor. This refers to the ____ definition of poverty

a. average b. absolute c. relative d. threshold