The rate at which a consumer is willing to exchange one good for another while maintaining a constant level of satisfaction is called the
a. relative expenditure ratio.
b. value of marginal product.
c. marginal rate of substitution.
d. relative price ratio.
c
Economics
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If, as a consumer, Jeannine is very sensitive to changes in the price of pineapples,
A) her demand is price elastic. B) her demand is price inelastic. C) her supply is price elastic. D) her supply is price inelastic.
Economics
The economy's normal, long-run growth rate is shown in the AD-AS model as:
A. the upward-sloping SRAS curve. B. the vertical LRAS curve. C. the vertical SRAS curve. D. the horizontal LRAS curve.
Economics