Explain the difference between the marginal rate of substitution and the marginal rate of transformation
What will be an ideal response?
The marginal rate of substitution is a consumer's willingness to trade one good for another based on utility. The marginal rate of transformation is the consumer's ability to trade one good for another based on prices.
Economics
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An example of a tax-funded program intended to provide basic human needs is the provision of:
A. public education. B. police protection. C. health care. D. national defense.
Economics
Which of the following is characteristic of a downturn in the business cycle?
A. Higher unemployment rates B. Higher prices C. Growth in real output D. Increased population
Economics