A consumer chooses an optimal consumption point where the
a. marginal rate of substitution equals the relative price ratio.
b. slope of the indifference curve equals the slope of the budget constraint.
c. ratio of the marginal utilities equals the ratio of the prices.
d. All of the above are correct.
d
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Excess reserves are the amount by which required reserves exceed actual reserves.
Answer the following statement true (T) or false (F)
If Joshua gets 200 utils from consuming three slices of pizza, 220 utils from consuming four slices of pizza, and 230 utils from consuming five slices of pizza, then Joshua's marginal utility from the fifth slice of pizza is:
A. 230 utils. B. 30 utils. C. 20 utils. D. 10 utils.
A PPF is a straight line as a result of
What will be an ideal response?
In the above figure, the opportunity cost of moving from point D to point E is
A. 55 guitars. B. 100 guitars. C. 100 ukuleles. D. 75 guitars.