b. It violates the convexity axiom
According to the convexity axiom consumer does not prefer a variety and it also does not represent diminishing marginal returns.
13. Segment BC of the indifference curve below is irrelevant because 16. The a. It violates...
Juestons lemprod.pea ng.comapvprinten-us/econ Indifference curves are downward sloping because of the assumption of A. transitivity. B. completeness. C. more is better O D. All of the above. 33. Convexity of indifference curves implies that consumers are willing to O A. settle for less of both "x" and "y O B. give up more "y to get an extra x the more "x" they have. O C. give up more "y" to get an extra "x" the less "x" they have....
Question 16 1 pts A typical indifference curve is negatively sloped because: as we consume more of one good, we are willing to give up the consumption of another good without changing our utility higher indifference curves represent higher levels of utility higher indifference curves represent lower levels of utility we assume that a consumer's income is constant Question 17 1 pts A typical indifference curve: O is convex to the origin (bowed in) has a constant slope is concave...
Marginal rate of substitution is _____ a. Increasing because consumer’s indifference curve is bowed outward b. Diminishing because consumers prefers variety and prefer a balanced consumption c. Increasing because consumers can easily find complementary goods d. Decreasing because consumer’s utility curve is linear
Based on the graph below, identify an indifference curve. a. Point A only b. Point B only c. Points A or C. d. Points B, C or D. e. Points A or B.
What is an indifference curve and how does a preference map show preferences? Peaches (number per month) An indifference curve shows_ . A preference map shows that a person prefers combinations A combinations of goods that a consumer can afford; he cannot afford over the combinations he can afford O B. combinations of goods that are available; on lower indifference curves to combinations on higher indifference curves O C. combinations of goods among which a consumer is indifferent; that are...
needed all the answers for the questions 13. If leisure is a normal good and the wage falls A. B. C. D. the substitution income effect will induce the consumer to take more leisure. the substitution effect will induce the consumer to take less leisure and the income effect will induce the consumer to take more leisure. the substitution effect will induce the consumer to take more leisure and the income effect will induce the consumer to take less leisure....
13 Circle the variables that change as we move along the supply curve for pencil, and indicate others assumed to be fixed or irrelevant a)quantity of b)price of wood, c) price of pencils, d) prices of pen, e) subsidies. pencils supplied,
13. Point B, C, D, and Elie on one circle such that rays BC and DĚ intersect at the point A outside of this circle, see the picture below. If BC - 12, AC = 3, and DE = 4, find AE. D E B А 12 3
Name: ID: A Exhibit 2-10 Production possibilities curve data Capital goods Consumption goods 23 19 13 1 11. Suppose an economy is faced with the production possibilities table shown in Exhibit 2-10. As additional units of capital goods are being produced, the number of consumption goods produced must because increase; the production possibility table shows only the maximum efficiency points increase; of the law of increasing costs decrease; of the law of increasing costs decrease; of the finite nature of...
5) What is the value of the variable answer after the code segment below completes? int a, b, c; answer, a 3*b: b 5 10: c (a a b*b) / (c*c) answer = A).5 B) 2 C) 2.5 D) 250 ENone of the Above 8) What is the output of the following segment of code? int a 7, b= 3, c = 6 if (a> b c) printf"A"); if (b > a - с) printf ("B"); else printf("C") if (atb...