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JisselFlores JisselFlores
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4 years ago

Question 1.

In general, the supply curve for a natural resource



▸

is vertical.



▸

slopes upward.



▸

is horizontal.



▸

slopes downward to reflect decreasing available quantities over time.



Question 2.

Suppose $1 billion is available in the budget and Congress is considering allocating the funds to one of the following three alternatives:

a.

subsidies for education

b.

research on Alzheimer's

c.

increased border security


If voters prefer a to b and b to c, then if preferences are transitive,



▸

they should be indifferent between a and c.



▸

they should prefer a to c.



▸

they should prefer c to a.



▸

it is not always possible to rank voters' preferences between a and c.

Textbook 
InMicro

InMicro


Edition: 1st
Authors:
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KaajalpKaajalp
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4 years ago
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JisselFlores Author
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4 years ago
Thanks
Liarec
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Brilliant ツ
vanna2014
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2 hours ago
Smart ... Thanks!
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