A diminishing marginal rate of substitution implies that indifference curves are
A. positively sloped.
B. straight lines.
C. concave.
D. convex.
Answer: D
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After purchasing a coffee cup from your local gas station for $5.00, you can always refill your cup for $0.50. The marginal cost of your 10th cup of coffee purchased at the gas station is:
A. $0.50. B. $5.00. C. $10.00. D. $5.50.
Comparative advantage in production is achieved by
A. Subsidizing, specializing, and lowering the price of an exported good. B. Being able to produce a good with fewer inputs than in other countries. C. Having a lower opportunity cost of producing a good relative to that of other countries. D. Having terms of trade that are better than the terms of trade faced in other countries.
Suppose there are 51 firms in a market. The largest firm has sales of $50 million and each of the other firms has sales of $1 million. The Herfindahl-Hirschman Index of this industry is
A. 2,501. B. 2,500. C. 50. D. 2,550.
A player chooses a maximin strategy to ________ gain the player can earn.
A. maximize the maximum B. minimize the maximum C. maximize the minimum D. minimize the minimum