The marginal rate of substitution measures
A. the changes in marginal utility along the indifference curve.
B. the impact of product substitution.
C. the consumer's willingness to substitute one product for another so that marginal utility will remain unchanged.
D. the consumer's willingness to substitute one product for another so that total utility will remain unchanged.
Answer: D
Economics
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Refer to Scenario 12.2. What is the profit maximizing price?
A) 205.72 B) 240 C) 210 D) all of the above E) none of the above
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