Which of the following items is likely to have the highest positive income elasticity of demand?

Relative to life insurance companies, the liabilities of property and casualty insurance companies are

A) longer-term. B) more unpredictable. C) less risky. D) subject to higher taxes.

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.