For an individual who consumes only two goods, x and y, the opportunity cost of consuming one more unit of x in terms of how much y must be given up is reflected by:
a. the individual's marginal rate of substitution.
b. the market prices of x and y.
c. the slope of the individual's indifference curve.
d. none of the above.
b
Economics
You might also like to view...
If a competitive market operates perfectly, it relies on
A) the number of people buying goods. B) the laws of supply and demand. C) how much people are willing to pay for the products. D) how many products can be produced for sale.
Economics
A bank's net worth is:
a. equal to assets plus liabilities b. sometimes called the owners' equity. c. equal to assets minus reserves. d. the same thing as net profits. e. the amount of interest charged by the bank for short-term loans.
Economics