Multiple Choice
A production possibility curve is concave to the point of origin because of
A) increasing marginal rate of transformation (mrt)
B) increasing marginal opportunity cost (moc)
C) both of the above
D) decreasing marginal rate of transformation
Correct Answer:
Verified
Correct Answer:
Verified
Q5: The U shape of the LAC reflects<br>A)law
Q6: For a giffen good, when price falls<br>A)demand
Q7: Which of the following statement is TRUE
Q8: According to Marshall, The law of diminishing
Q9: If both the products X & Y
Q11: Indifference curve is always<br>A)concave to the origin<br>B)convex
Q12: "Utility or satisfaction is a subjective concept;
Q13: Inferior goods are the goods with<br>A)falling income
Q14: The basic doctrine of consumers surplus is
Q15: If negative income effect is less than