Multiple Choice
The opportunity cost of current household consumption is the
A) wage rate.
B) market interest rate.
C) price of the goods consumed.
D) explicit cost of consumption.
Correct Answer:
Verified
Correct Answer:
Verified
Q480: Scenario 21-2<br>Lawrence has recently graduated from college
Q481: Suppose the price of good X falls.
Q482: Two economists found empirical evidence that when
Q483: The marginal rate of substitution is equal
Q484: Figure 21-14 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1273/.jpg" alt="Figure 21-14
Q486: Figure 21-14 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1273/.jpg" alt="Figure 21-14
Q487: A consumer chooses an optimal consumption point
Q488: Figure 21-14 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1273/.jpg" alt="Figure 21-14
Q489: Figure 21-13 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1273/.jpg" alt="Figure 21-13
Q490: The consumer's optimum is where<br>A)MU<sub>x</sub>/MU<sub>y</sub> = P<sub>y</sub>/P<sub>x</sub>.<br>B)MU<sub>x</sub>/P<sub>y</sub>