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Author Question: Indifference curves: a. may sometimes intersect. b. are contour lines only of a linear utility ... (Read 45 times)

mckennatimberlake

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on: Jul 1, 2018
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

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Reply #1 on: Jul 1, 2018
Answer to Question 1

c

Answer to Question 2

c


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