Question
At equilibrium, the marginal rate of substitution describes: a. the slope of the budget constraint. b.the number of units of one good that a consumer
At equilibrium, the marginal rate of substitution describes:
a. the slope of the budget constraint.
b.the number of units of one good that a consumer is willing to trade for an additional unit of another good in order to increase utility by 1 unit.
c. the slope of the demand curve.
d. the number of units of one good that a consumer is willing to trade for an additional unit of another good, holding utility fixed.
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International Business
Authors: Michael Czinkota, Iikka A. Ronkainen, Michael H. Moffett
8th edition
470530658, 470530650, 978-0470530658
