When indifference curves are bowed inward, the marginal rate of substitution is

a. the same at all points along an indifference curve.
b. increasing as the consumer moves to the right along an indifference curve.
c. decreasing as the consumer moves to the right along an indifference curve.
d. constant.

c

Economics

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Suppose the market for cement is such that the government does not interfere in price determination but plays an important role in the provision of property rights

While there are a large number of buyers and sellers, everyone conducts transactions at a common market price. Which of the following statements is true about the structure of the cement market? A) The cement market is government regulated. B) All participants in the cement market are price makers. C) All transactions in the cement market are likely to be involuntary. D) The cement market is free and competitive.

Economics

Used cars in Poorland sold for about 20% less than new cars of the same model manufactured in the same year. However, price differences were reduced when certified used-car dealers entered into the market for used cars in Poorland

What explains this phenomenon?

Economics