If Hector's marginal rate of substitution between pens and pencils is constant, regardless of how many pens and pencils he has, then his indifference curves
a. are right angles.
b. are straight lines.
c. slope upward.
d. cross one another at certain points.
b
You might also like to view...
The table above describes the market for paper. The production of paper produces pollution. There are no external benefits. What is the efficient amount of paper?
A) 10 tons per week B) 60 tons per week C) 40 tons per week D) 30 tons per week
To decide whether Yi = ?0 + ?1X + ui or ln(Yi) = ?0 + ?1X + ui fits the data better, you cannot consult the regression R2 because
A) ln(Y) may be negative for 0
In a sequential game
A) a player has to look forward and reason forward. B) a player has to look forward and reason back. C) a player has to look back and reason forward. D) a player has to look back and reason back.
In the United States, there are a number of programs that provide goods and services, such as food, medical care, and housing, to the poor. How could income standards be changed, in light of these programs, to better reflect absolute poverty? a. The income standards should not change because these programs provide goods and services, not money. b. The income standards should be increased, since
it costs money to provide these goods and services. c. The income standards should be increased, because these programs will affect the relative measure of poverty. d. The income standards should be decreased, since program recipients require less income to meet a minimum standard of living.