Review Quiz #1 Attempt review 004 PDF

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Review Quiz #1 Attempt review 004...

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Question16

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A curve that represents combinations of two goods that yield equal levels of satisfaction is a/an: Select one: a.indifference curve. b.budget curve. c.marginal utility curve. d.price-consumption curve.

The correct answer is: indifference curve.

Question17

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A criticism of oligopolistic firms is that they: Select one: a.have high concentration ratios. b.are associated with unstable prices. c.experience economies of scale. d.retard research and development.

The correct answer is: have high concentration ratios.

Question18

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An indifference curve shows combinations of two goods that yield: Select one: a.equal prices. b.equal money income. c.equal satisfaction. d.increasing prices.

The correct answer is: equal satisfaction.

Question19

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Diminishing marginal returns for the first four units of a variable input is exhibited by the marginal product sequence: Select one: a.50, 50, 50, 50. b.50, 40, 30, 20. c.50, 110, 180, 260. d.50, 100, 150, 200.

The correct answer is: 50, 40, 30, 20....