When a Farmer Decides to Raise Hogs Instead of Cattle

question 140

Multiple Choice

When a farmer decides to raise hogs instead of cattle, the farmer is answering the ________ part of one of the two big economic questions.

• A) "what"
• B) "for whom"
• C) "how"
• D) "why"

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Definitions:

Indifference Curves

Graphical representations of different bundles of goods between which a consumer is indifferent, showing equal levels of satisfaction.

Horizontal Axis

A line on a graph or chart that runs left to right and usually represents the independent variable.

Vertical Axis

In a graph or chart, the y-axis, which typically measures the variable that is dependent on another variable measured along the horizontal axis.

Utility Function

A mathematical representation of how a consumer ranks different bundles of goods based on their level of satisfaction.