Convexity of indifference curves implies that consumers are willing to
A) give up more "y" to get an extra "x" the more "x" they have.
B) give up more "y" to get an extra "x" the less "x" they have.
C) settle for less of both "x" and "y".
D) acquire more "x" only if they do not have to give up any "y".
B
Economics
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An economy that does not trade with the rest of the world is known as a(n) ________ economy
A) command B) closed C) open D) communist
Economics
The cost of producing one more unit of a good or service that is paid by the producer
A) has to be equal to the benefit that the consumer derives from that good. B) is equal to the cost borne by people other than the producer. C) is the marginal private cost. D) is the marginal external cost.
Economics