Quasi-Concavity of Utility Functions Insures That with Only Two Goods,these

question 4

Multiple Choice

Quasi-concavity of utility functions insures that with only two goods,these goods must be:

• A)gross substitutes.
• B)gross complements.
• C)net substitutes.
• D)net complements.

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Definitions:

Adjusting Entries

Journal entries used to adjust account balances in order to reflect more accurate financial information at the end of an accounting period.

Journal Entry

A record in accounting that notes a specific financial transaction in the books.

Debit Amount

A financial entry that increases an asset or expense account, or decreases a liability, equity, or revenue account.

Credit

A financial term that refers to the provision of resources (such as funds) by one party to another, where the second party does not repay the first party immediately but incurs a debt and is usually obliged to pay interest.