Chapter 1: Q.3RQ. (page 9)
Why are indifference curve steep on the left and flatter on the right?
It is due to diminishing marginal utility
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The chapter defines private enterprise as a characteristic of market-oriented economies. What would public enterprise be? Hint: It is a characteristic of command economies.
Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce it and takes a month. If the town has a total of 100 people, what is the maximum amount of ham the residents can consume in a month?
Are firms primarily buyers or sellers in the goods and services market? In the labor market?
How does the appearance of positive slope differ from negative slope and from zero slope?
What would be another example of a “system” in the real world that could serve as a metaphor for micro and macroeconomics?
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