If an indifference curve is bowed in toward the origin, the marginal rate of substitution is
a. not likely to reflect the relative value of goods.
b. likely to be constant for all bundles along the indifference curve.
c. likely to be identical to the price ratio for each bundle along the indifference curve.
d. different for each bundle along the indifference curve.
d
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Refer to Table 4-1. The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of the champagne falls from $24 to $14
A) Larry and Moe will receive more consumer surplus than Curly. B) Curly will buy four bottles; Moe will buy two bottles, and Larry will buy one bottle. C) consumer surplus increases from $32 to $53. D) consumer surplus will increase from $80 to $95.
A firm's market share can be measured by
a. firm's sales/industry sales b. industry sales/firm's sales c. the concentration ratio d. the HHI e. firm's sales/firm's profits