Multiple Choice
Which of the following statements about the welfare frontier is incorrect?
A) Some of the points on the welfare frontier are efficient.
B) The welfare frontier is downward sloping.
C) Any point on the welfare frontier is preferred to any point inside it.
D) the marginal rate of substitution [MRS] is equal to the marginal rate of transformation [MRT] at all points on the welfare frontier.
Correct Answer:
Verified
Correct Answer:
Verified
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