Multiple Choice
Assume a convex utility function with an interior solution in which a consumer chooses some of each good.Which of the following is NOT represented by the slope of the budget constraint?
A) marginal rate of substitution
B) relative price of one good (drawn on horizontal axis) in terms of other good (drawn on vertical axis)
C) relative price of one good (drawn on vertical axis) in terms of other good (drawn on horizontal axis)
D) ratio of the marginal utilities
Correct Answer:

Verified
Correct Answer:
Verified
Q11: Explain what is represented by the slope
Q12: Cutting TANF benefits would _ social efficiency
Q13: Carefully explain the principle of diminishing marginal
Q14: Suppose that a 50% increase in the
Q15: What is the name of the social
Q17: A Rawlsian social welfare function implies which
Q18: In the accompanying figure,consumer surplus is given
Q19: Under TANF your state provides an income
Q20: Suppose voters choose to increase their state's
Q21: Producer surplus can be defined as the