Author Question: Consumer equilibrium occurs at: a. the point where the indifference curve crosses the budget line ... (Read 72 times)

jhjkgdfhk · **on:** Jun 30, 2018

Consumer equilibrium occurs at:
a. the point where the indifference curve crosses the budget line from below.
b. any point of intersection between an indifference curve and the budget line.
c. the midpoint of every indifference curve.
d. the point of tangency between an indifference curve and the budget line.

Question 2

The marginal revenue product is:
a. the value of all the final goods and services produced by a firm.
b. the value that an worker contributes to a firm.
c. an increase in the profit of a firm with an increase in the output by one unit.
d. the output per unit of worker employed by a firm.
e. the value that all the unskilled workers contribute to a firm.