QUESTION 9 The slope of an indifference curve reveals: a. that preferences are c

Question

QUESTION 9 The slope of an indifference curve reveals: a. that preferences are complete. b. the marginal rate of substitution of one good for another good. the ratio of market prices. d. that preferences are transitive. e none of the above QUESTION 10 If Jill's MRS of candy bars for scoops of ice cream is 2 (scoops of ice cream are on the horizontal axis), ill would willingly give up: a 2, but no more than 2, scoops of ice cream for an additional candy bar b. 2, but no more than 2, candy bars for an additional scoop of ice cream. Oc. 1, but no more than 1, candy bar for an additional 2 scoops of ice cream. d.2, but no more than 2, scoops of ice cream for an additional 2 candy bars.

Explanation / Answer

Answer 9:::(B) the marginal rate of substitution for one good for another good...

REASON ::::: we say, indifference curves are concave outward, or convex with respect to the origin. The slope of the indifference curve is called the marginal rate of substitution , which declines as the quantity of X increases relative to the quantity of Y.

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