Multiple Choice
Given the utility function U(x1,x2) = min(x1,x2) , the marginal rate of substitution when x1 exceeds
X2 is:
A) undefined.
B) one.
C) zero.
D) infinite.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q93: Consider the choice between an economic bad,
Q94: Does a diminishing marginal rate of substitution
Q95: The increase in the size of shopping
Q96: People driving on a four- lane expressway
Q97: Is the indifference curve between ice cream
Q98: The nonsatiation assumption says that given any
Q100: Along a standard, downward sloping, convex indifference
Q101: Sheila has preferences represented by the utility
Q102: Given the utility function U(x<sub>1</sub>,x<sub>2</sub>)= min(x<sub>1</sub>,x<sub>2</sub>), the
Q103: Which of the following is a psychological