Indifference curves are convex to the origin because of:

A) transitivity of consumer preferences.
B) the assumption of a diminishing marginal rate of substitution.
C) the assumption that more is preferred to less.
D) the assumption of completeness.
E) none of the above


B

Economics

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a. raising pay. b. working longer hours. c. hiring more workers. d. using better machines.

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Patty runs a small organic peanut butter company with five employees and local sales of $100,000 per year. She estimates that the shape of her total variable cost curve largely reflects her costs of

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The gains from specialization and trade are based on absolute advantage

a. True b. False Indicate whether the statement is true or false

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