Consumer Theory vs Real Consumers Mcqs


Q.  Suppose we measure the quantity of good X on the horizontal axis and the quantity of good Y on the vertical axis If indifference curves are bowed inward, as we move from having an abundance of good X to having an abundance of good Y, the marginal rate of substitution of good Y for good X (the slope of the indifference curve) ?

a. rises
b. stays the same
c. could rise or fall depending on the relative prices of the two goods.
d. falls


ANSWER: See Answer
 
No explanation is available for this question!
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