The marginal rate of transformation of y for x represents
A) the slope of the budget constraint.
B) the rate at which the consumer must give up y to get one more x.
C) -Px/Py.
D) All of the above.
D
You might also like to view...
If the nominal interest rate increases without any change in the rate of inflation:
A) the ratio of real interest rate to nominal interest rate increases. B) the real interest rate increases. C) the real interest rate decreases. D) the real interest rate remains the same.
Government payment of a per-unit subsidy for medical care causes
A) the market supply curve to shift upward. B) the market demand curve to shift downward. C) a reduction in the price that providers of medical care receive for each unit of care provided. D) an increase in the quantity of medical care demanded above the quantity demanded in the absence of the subsidy.
A vertical demand curve has
A) infinite elasticity. B) positive elasticity. C) zero elasticity. D) negative elasticity.
A graphical representation which shows the trade-off that occurs when more of one output is obtained at the expense of another is called
A) a scarcity curve. B) a production possibilities curve. C) a growth curve. D) a supply curve.