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Which of the following statements concerning indifference curves is true? (a). An indifference curve is the locus of points describing proportional price levels of the two goods. (b). Indifference
curves pre-suppose the measurement of total utility and marginal utility. (c). An indifference curve is the locus of points representing various combinations of two goods about which the consumer is indifferent. (d). Indifference curve pre-suppose the validity of “the law of diminishing returns” (e). None of the above
The answer is (c). An indifference curve is the locus of points representing various combinations of two goods about which the consumer is indifferent.
Expert answered|debralev143|Points 160|
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Asked 4/29/2013 1:01:40 PM
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In perfect competition, a firm maximizing its profits will set its output at that level where (a). Average variable cost = price (b). Marginal cost = price (c). Fixed cost = price (d). Average fixed cost = price (e). Total cost = price
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Monopoly is wrong. The correct answer is Perfect Competition
Added 11/8/2013 8:09:11 PM
Rated good by dhiraaj, Rated bad by dhiraaj, Rated good by dhiraaj
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Weegy: (b). Marginal cost curve above shut down A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. [ This production level can be identified using total revenue and cost, marginal revenue and cost, or profit. Because a perfectly competitive firm faces a perfectly elastic demand curve, it efficiently allocates resources by equating price and marginal cost. In addition, the marginal cost curve above the average variable cost curve is the perfectly competitive firm's short-run supply curve ] (More)
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