If an individual's utility function is quasi-concave, his or her MRS will:
a. diminish as x is substituted for y.
b. increase as x is substituted for y.
c. be undefined except in special cases.
d. always depend only on the ratio of x to y.
a
Economics
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The objective of rent controls is to
A) ensure an adequate supply of rental housing for the poor. B) keep rents below levels that would be observed in a freely competitive market. C) encourage the construction of new rental units. D) raise revenue for the local government.
Economics
If doubling the quantity of inputs more than doubles the quantity of outputs, the firm is experiencing
a. increasing returns to scale. b. decreasing returns to scale. c. constant returns to scale. d. increasing costs per unit of output.
Economics