Question
3. Which of the following statements about feasible frontiers is/are true ? a. The point where the feasible frontier and indifference curve are tangent to
3. Which of the following statements about feasible frontiers is/are true ?
a. The point where the feasible frontier and indifference curve are tangent to each other shows the combination of x and y which gives the individual the highest utility under the constraint.
b. The feasible frontier shows all feasible combination of x and y for that particular individual.
c. The increasing mrt along the feasible frontier from left to right captures the idea of increasing opportunity cost.
d. The negative of the slope of the feasible frontier is called the marginal rate of transformation.
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