Multiple Choice
If the relative price of a concert ticket is three times the price of a meal at a good restaurant, then the opportunity cost of a concert ticket can be measured by the
A) slope of the budget constraint.
B) slope of an indifference curve.
C) marginal rate of substitution.
D) income effect.
Correct Answer:
Verified
Correct Answer:
Verified
Q118: A consumer's budget constraint is drawn on
Q119: Good X is a Giffen good. When
Q120: Suppose that you have $100 today and
Q121: Figure 21-19 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1273/.jpg" alt="Figure 21-19
Q122: Figure 21-24 The figure shows three indifference
Q123: A good is an inferior good if
Q125: Suppose Caroline will only drink a cup
Q126: Hannah and Chris each like jewelry and
Q127: Suppose good X is on the horizontal
Q200: The slope of the budget constraint reveals