Indifference curves: a. may sometimes intersect. b. are contour ...

[mckennatimberlake]

Indifference curves:
 a. may sometimes intersect.
  b. are contour lines only of a linear utility function.
  c. are convex if the utility function is quasi-concave.
  d. shift when prices change.

Question 2

If price exceeds average costs under pure competition, ____ firms will enter the industry, supply will ____, and price will be driven ____.
 a. more; decrease; down
  b. more; decrease; up
  c. more; increase; down
  d. more; increase; up
  e. none of the above

[ttt030911]

Answer to Question 1

c

Answer to Question 2

c