When we graph consumption as a function of national income rather than as a function of ________, the slope of this consumption function is the ________.
A) disposable income; MPC B) personal income; MPS
C) disposable income; MPS D) personal income; MPC
Question 2
Cost-price pricing typically does not result in profit-maximization. As a result, economists have two views of cost-plus pricing. One of these views is
A) cost-plus pricing is a good way to approximate the profit-maximizing price when marginal revenue or marginal cost is difficult to determine.
B) cost-plus pricing is more likely to lead to profit-maximization for monopolistically competitive firms than for oligopoly firms.
C) cost-plus pricing is more likely to result in profit-maximization the more elastic the firm's demand curve is.
D) cost-plus pricing is more likely to lead to profit-maximization for large firms than for small firms.
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