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Author Question: Which of the following statements is true about a consumer's optimal decision when indifference ... (Read 43 times)

clippers!

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  • Posts: 828
on: Jul 1, 2018
Which of the following statements is true about a consumer's optimal decision when indifference curves are concave?
 
  A) Both goods are consumed.
  B) No goods are consumed.
  C) Only one of the goods is consumed.
  D) It occurs at the point of tangency with the budget line.

Question 2

Refer to Figure 9.1. If the government establishes a price ceiling of 20, the resulting deadweight loss will be
 
  A) 0.
  B) 20.
  C) 30.
  D) 300.
  E) 600.


Amiracle

  • Sr. Member
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Reply #1 on: Jul 1, 2018
Answer to Question 1

C

Answer to Question 2

D


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