An optimizing consumer will select the consumption bundle in which the
a. ratio of total utilities is equal to the relative price ratio.
b. ratio of income to price equals the marginal rate of substitution.
c. marginal rate of substitution is equal to the relative price ratio of the goods.
d. marginal rate of substitution is equal to marginal utility.
c
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On the graph above (and considering the short run only), a combination of a negative demand shock and a negative supply shock may be represented by the movement from point ________ to point ________
A) G; I B) H; F C) H; I D) G; F E) G; H
After World War II, the U.S. dollar was to become the main, official "reserve currency of the new international order," according to Hughes and Cain (2011)
Indicate whether the statement is true or false
What is a brief definition of economics? What are the conditions that give rise to this definition?
Please provide the best answer for the statement.
Suppose that opportunity costs are constant and that Gorge can either bake a maximum of six pies or three cakes in a day. Brandi can produce a maximum of eight pies or two cakes in a day. Gorge has an comparative advantage in the production of
A. cakes. B. pies. C. both cakes and pies. D. neither cakes nor pies.