For an individual who consumes only two goods, X and Y, the opportunity cost of consuming one unit of X in terms of how much Y must be given up is reflected in
a. the individual's marginal rate of substitution.
b. the slope of the individual's budget constraint.
c. the slope of the individual's indifference curve.
d. None of the above.
b
You might also like to view...
An outward, parallel shift in the budget line indicates that
a . the consumer's income has risen. b. the consumer's demand for the good on the horizontal axis has risen. c. the price of the good on the horizontal axis has fallen. d. all commodity prices have simultaneously risen.
Which of the following statements is correct?
a. Public ownership is preferred to regulation in order to minimize the dead weight losses associated with natural monopolies b. Antitrust laws are always the best way to limit monopoly power. c. It is possible that the best approach to monopolies is for the government to do nothing. d. Marginal-cost pricing requires a natural monopoly to earn zero economic profits..
Which of the following is an example of a person or firm that is most likely to have been granted a public franchise?
A) medical doctor B) taxi cab driver C) the local pizza parlor D) the local telephone company E) the local Honda dealership
Sheena lost her job as a sales manager when she quit to move to Texas. She is currently submitting applications and doing job interviews. What type of unemployment is this?
a. structural b. cyclical c. she is not unemployed d. frictional