If two commodities are perfect complements, the indifference curve is a straight line.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 2Regulation of monopolies is justified on the ground that a monopolist sells too less at a too high price.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 3An enterprise that has only one shareholder does not constitute a corporation.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 4Higher indifference curves represent lesser satisfaction.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 5One difference between economic and social regulation is that economic regulation usually pertains to a specific industry, whereas social regulation applies to most if not all industries.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 6The owner of a sole proprietorship has limited liability, while stockholders of corporations have unlimited liability.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 7In consumer equilibrium, one dollar's worth of additional gasoline will yield the same marginal utility as one dollar's worth of additional cheese.
a. True
b. False
Indicate whether the statement is true or false
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