Along an indifference curve
A) the marginal rate of substitution is constant but not equal to zero.
B) the consumer does not prefer one consumption point to another.
C) the marginal rate of substitution is equal to 0.
D) the consumer prefers some of the consumption points to others.
B
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The maximum amount of other goods and services that people are willing to give up in order to get one more unit of a good is defined as the good's
A) marginal benefit. B) total benefit. C) marginal cost. D) total cost. E) price.
According to a 1963 edition of the Effingham Daily News, Illinois Consolidated Telephone Co switched from the switchboard system to the dial system at 12:01 a.m. Sunday, Aug. 18, 1963. Thirty miles of cable supported the new high-tech system
It took four weeks to lay the telephone lines that allowed Effingham residents to directly connect to each other through the telephone. How does the switch from the switchboard system to the dial system impact the labor market for switchboard operators? A) Increased the demand for telephone operators B) Increased the supply for telephone operators C) Decreased the marginal productivity of telephone operators D) Decreased telephone operators' value of marginal product
The proposition that the amount of goods and services produced in an economy in the long run is not affected by the price level is known as the ________
A) neutrality of money B) classical dichotomy C) quantity theory of money D) Fisher effect E) none of the above
Which of the following is true in the Stackelberg model?
A) The first firm produces less than its rival. B) The first firm produces more than its rival. C) Both firms produce the same quantity. D) Both firms have a reaction curve.