If an indifference curve is bowed out away from the origin, the marginal rate of substitution is
a. not likely to reflect the relative value of goods.
b. likely to be constant for all bundles along the indifference curve.
c. likely to be identical to the price ratio for each bundle along the indifference curve.
d. different for each bundle along the indifference curve.
d
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If there is excess demand in a market, then this suggests that:
A. the market price is above the equilibrium price. B. there is an opportunity for mutually beneficial trades. C. there is no way to help some people without harming others. D. the market is in equilibrium.
Marginal cost is the
A. change in total cost resulting from the purchase of one more unit of the variable input. B. change in total cost resulting from the production of one more unit of output. C. difference between total fixed cost and total variable cost. D. difference between total cost and total expenditure.
Jordan has the following assets and liabilities:Two cars$10,000House$200,000Mortgage$100,000Cash$1,000Car loans$3,000Checking account balance$2,000Credit card balance$1,000 What is the value of Jordan's assets?
A. $317,000 B. $213,000 C. $109,000 D. $203,000
Why must every nation answer the three fundamental economic questions?
A. because of differences in the distribution of resources B. because some nations have better production technology C. because some nations are wealthy and others are poor D. because of the problem of scarcity