: An indifference map shows the optimal consumption bundle of a consumer for two goods A and B. Which of the following factors would lead to a parallel shift of the budget line allowing the consumer to reach a higher indifference curve? View
: Refer to Figure 3-1. Which of the following is the point at which the consumer maximizes his utility? View
: Good Y is measured on the vertical axis and good X on the horizontal axis. If the price of Y is zero, the price of X is $10, and the consumer’s income $100, the budget line: View
: If an increase in the price of oil from $20 to $24 per barrel induces firms to increase production from 1 million to 1.6 million barrels, then the elasticity of supply is: View
: Corn farmers in a country are colluding to reduce the market supply of corn. This will successfully raise the farmers’ incomes only if the demand for corn is: View
