If an individual's indifference curve map does not obey the assumption of a diminishing MRS, then
a. the individual will not maximize utility.
b. the individual will buy none of good X.
c. tangencies of indifference curves to the budget constraint may not be points of utility maximization.
d. the budget constraint cannot be tangent to an appropriate indifference curve.
c
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A positive externality exists when
A. a person's or group's actions cause a benefit that is felt by others. B. a person's or group's actions cause a cost that is felt by others. C. market output is less than socially optimal output. D. a and c E. b and c
Which of the following statements about the FDIC is untrue?
a. It sets the legal reserve requirement. b. It conducts bank audits and examinations. c. It provides demand deposit insurance for participating banks. d. It helps prevent bank failures. e. It is a government agency.
State and local governments usually finance programs like highways, libraries, hospitals, health care, parks, and police and fire protection
a. True b. False Indicate whether the statement is true or false
Some people consider the NCAA (National Collegiate Athletic Association) to be a __________ in the market for college athletics
Fill in the blank(s) with correct word