Consumption at points on a steeper part of the indifference curve will reflect a higher marginal rate of substitution than consumption points on a flatter part of the indifference curve
Indicate whether the statement is true or false
TRUE
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According to the graph, how many board feet of lumber will be imported if imports are allowed into the United States?
a. 1,200,000
b. 500,000
c. 1,000,000
d. 740,000
Describe some of the external benefits associated with education. What can government do to encourage production of the efficient amount of education?
What will be an ideal response?
The water-diamond paradox
A. occurs because goods essential to life such as water are cheap (and sometimes free). B. occurs because nonessential goods such as diamonds are rare and therefore very expensive. C. occurs because the price of a product is determined by its marginal utility, not its total utility. D. All of the choices are correct.
Disposable income is income less net taxes.
Answer the following statement true (T) or false (F)