You may consume ice cream or frozen yogurt, and ice cream consumption is plotted along the horizontal axis of your indifference map. The prices are denoted PY for frozen yogurt and PIC for ice cream
Under what condition will you only consume frozen yogurt? A) MRS is greater than PIC/PY
B) MRS is less than PIC/PY
C) MRS is less than PY/PIC
D) MRS is infinite
B
Economics
You might also like to view...
Normally, exchange rates are expressed as:
a. the number of units of the currency per one ounce of gold. b. the GDP of one nation as a percentage of the GDP of the other. c. the price of one unit of foreign currency expressed in terms of the domestic currency. d. ratios of the value of one nation's wealth compared to the other.
Economics
A movement along the aggregate production function is the result of a change in
A) the quantity of labor. B) technology. C) capital. D) interest rates.
Economics