Diminishing marginal rate of substitution can be seen when indifference curves
A) cross.
B) are convex.
C) are downward sloping.
D) become flatter as we move down and to the right.
D
You might also like to view...
What are three options a company has when it wants to finance a new project?
What will be an ideal response?
The principle that states that we should strive to achieve the greatest happiness for the greatest number is called
A) the big tradeoff. B) the symmetry principle. C) utilitarianism. D) efficiency.
Which of the following variables will shift the classical aggregate demand curve?
a. An increase in government spending b. A decrease in taxes c. An increase in autonomous investment expenditures d. An increase in the money stock e. All of the above
It is harder to explain the behavior of firms in oligopoly than in other market structures because in oligopoly
a. the firms act independently of each other b. firms base their decisions on what their rivals do c. only differentiated products are produced d. only homogeneous products are produced e. the demand curve can slope upward