The classic example of a private unregulated monopoly is:

In the figure above, the marginal rate of substitution (MRS) at point A is equal to ________ pounds of pickles per pound of olives

A) 8 B) 6 C) 1 1/3 D) 2

A normal good has a ________ income elasticity of demand and quantity demanded ________ as income rises

A) negative; increases B) negative; decreases C) positive; increases D) positive; decreases