Refer to Figure 3.1. Which of the following is true concerning Alvin's marginal rate of substitution?
A) It is diminishing.
B) It is positive but varies along the indifference curve.
C) It is constant.
D) It is zero.
C
You might also like to view...
Use the following table to answer the next question and assume that the total fixed cost incurred by the firm is $500.OutputTotal Variable Cost1$400272031,00041,40052,00063,600The total cost associated with the production of 5 units of output is
A. $2,000. B. $2,500. C. $3,000. D. $1,500.
Refer to Figure 10.1. The Nash equilibrium occurs on the ________ page, in the ________ cell
A) Contribute; upper-left B) Contribute; lower-right C) Don't Contribute; lower-right D) Don't Contribute; upper-left
According to the substitution effect along an indifference curve, when the relative price of a good falls, the consumer ________ substitutes ________ of that good for the other good
A) always; more B) always; less C) sometimes; more D) sometimes; less
The percentage of total national income spent on health care in the United States has
A) declined rapidly since 1965. B) remained below the level of inflation. C) risen steadily since 1965. D) remained constant over the last few years.