Multiple Choice
The rate at which a consumer is willing to exchange one good for another, and maintain a constant level of satisfaction is:
A) the marginal rate of substitution.
B) the relative price ratio.
C) the value of marginal product.
D) the relative expenditure ratio.
Correct Answer:
Verified
Correct Answer:
Verified
Q49: Given the utility function U(x,y)= x<sup>2</sup><sup> </sup>+
Q50: When two goods are perfect substitutes, they
Q51: Smoking can lead to lung cancer and
Q52: An indifference curve represents:<br>A)a complete preference ordering.<br>B)consumption
Q53: Sharon's utility function can be expressed as
Q55: If the indifference curves for some individual
Q56: Consider the following preference statements: (7, 9)is
Q57: Horizontal indifference curves imply that:<br>A)the goods are
Q58: If Al's indifference curves are downward sloping
Q59: Which of the following statements about indifference