_____ is the rate at which a person is willing to trade one good for another so that his total utility remains the same
a. Marginal propensity to consume
b. Marginal propensity to save
c. Marginal rate of substitution
d. Marginal rate of return
c
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Kylie spends her income of $150 per week on two goods: movies (which cost $5 each) and books (which cost $10 each)
At her current level of consumption, the marginal utility from the last movie consumed is 20 and the marginal utility from the last book consumed is 30 . Is Kylie maximizing her utility? Why or why not? If not, what should Kylie do to achieve a higher level of utility?
What are three primary reasons for the growth of international trade over the past 50 years?
What will be an ideal response?
Refer to Table 5.3. Rank the doctor's job choices in order, least risky first
A) Work for HMO, open own practice, do research B) Work for HMO, do research, open own practice C) Do research, open own practice, work for HMO D) Do research, work for HMO, open own practice E) Open own practice, work for HMO, do research
Higher inflation and interest rates led to ___________
Fill in the blank(s) with the appropriate word(s).