The marginal rate of substitution of beef for chicken is the:
A. Number of units of chicken the consumer is prepared to give up to obtain one more unit of beef
B. Number of units of beef the consumer is prepared to give up as income falls
C. Number of units of beef the consumer must sacrifice to obtain one more unit of chicken
D. Rate at which units of beef may be exchanged for units of chicken
A. Number of units of chicken the consumer is prepared to give up to obtain one more unit of beef
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Governments often establish rules that influence how an economy operates. Which of the following rules will most likely increase the ability of society to produce goods and services?
A) laws allowing discrimination against women. B) providing tax incentives to encourage education by workers C) environmental regulations that prevent the use of industrial solvents in production D) increasing taxes on the formation of new capital
Which of the given nations would be high-income countries (IACs), according to the World Bank?
A. Country C only.
B. Countries B, C, and D.
C. Countries B, C, D, and E.
D. Countries B and C.