The rate at which a consumer is willing to exchange one good for another while maintaining a constant level of satisfaction is called the
a. relative expenditure ratio.
b. value of marginal product.
c. marginal rate of substitution.
d. relative price ratio.
c
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If a price ceiling on coffee is set below the market-clearing price, then
A) the quantity of coffee demanded will decrease. B) the quantity of coffee supplied will increase. C) the quantity demanded for coffee will increase. D) all of the above will occur. E) none of the above will occur.
Why do firms form a cartel? How do cartels achieve their goals?
What will be an ideal response?
Profit-maximizing price level
A. is OE.
B. is OF.
C. is OG.
D. cannot be found on this graph.
Since the Social Security system began in 1935, the number of workers per retiree has
A) stayed roughly the same. B) continually risen. C) continually declined. D) risen and declined with different generations.