A consumer's willingness to trade one good for another can be expressed by the consumer's
A) indifference curve.
B) marginal rate of substitution.
C) Both A and B above.
D) None of the above.
C
Economics
You might also like to view...
Use the above figure. If a commission regulates the above monopoly using fair-return (average cost pricing), then the industry's output will be ________ and the product's price will be ________
A) Q1; P1 B) Q2; P3 C) Q3; P2 D) Q4; P1
Economics
A farmer has the ability to grow either corn or cotton or some combination of the two. Given no other information, it follows that the farmer's opportunity cost of a bushel of corn multiplied by his opportunity cost of a bushel of cotton
a. is equal to 0. b. is between 0 and 1. c. is equal to 1. d. is greater than 1.
Economics