What does the slope of a consumer's indifference curve represent?
The slope of a consumer's indifference curve represents that consumer's marginal rate of substitution between two goods.
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The first labor unions in the United States were
A) public-sector unions. B) industrial unions. C) guilds. D) craft unions.
At any quantity of output above the intersection of the marginal revenue and marginal cost curves:
A. ATC equal to AVC. B. MR is higher than MC. C. profits are being maximized. D. MR is lower than MC.
If P = MC and MC > ATC, then a perfectly competitive firm will earn ______ profits.
A) positive B) zero C) negative D) breakeven
Ina duopoly, if advertising only takes customers from rivals rather than attracting new customers, the two firms would prefer
A) the Nash equilibrium level of advertising B) to advertise more than the current level C) to not change the level of advertising D) an advertising ban