The magnitude of the slope of the budget line is determined by
A) the marginal rate of substitution.
B) the level of income.
C) the consumer's preferences for the goods.
D) relative prices.
D
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Answer the next question on the basis of the following data.OutputTotal Cost0$24133241348454561669The marginal cost associated with the production of the sixth unit of output is
A. $12. B. $8. C. $24. D. $16.
If a 20 percent increase in the price of a used car results in a 10 percent decrease in the quantity of used cars demanded, then the demand for used cars is
A) elastic. B) inelastic. C) unit elastic. D) arc elastic.
In the short run, even if a monopoly's total revenue does not cover its variable costs, it should continue to produce because ultimately in the long run, the monopoly will start earning profits
Indicate whether the statement is true or false
Can activities like driving faster than the speed limit or driving without wearing a seat belt be considered rational behavior? Why or why not?