At the point of consumer equilibrium, the slope of the budget line is equal to the:
A. indifference curve.
B. consumer preference.
C. market rate of indifference.
D. marginal rate of substitution.
Answer: D
Economics
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The above figure shows the market for rice in Japan. S2 represents the domestic supply curve, and S1 represents the world supply curve. If imported rice is banned, the loss in social welfare is
A) a + b + c + d + e. B) a. C) c + e. D) i.
Economics
If the price of Pepsi-Cola increases from 50 cents to 60 cents per can and the quantity demanded decreases from 100 cans to 50 cans, then the demand for Pepsi-Cola is
a. unit elastic b. perfectly elastic c. perfectly inelastic d. relatively elastic e. relatively inelastic
Economics