Exhibit 6-23 in Exhibit 6-23, the Marginal Rate of Substitution

question 96

Multiple Choice

Exhibit 6-23 In Exhibit 6-23, the marginal rate of substitution of food for clothing between points b and c is

• A)unable to be determined
• B)2
• C)3
• D)more than 3

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Definitions:

Estimates Values

An approximation of the worth of goods, services, or financial instruments calculated through analysis or assessment techniques.

High-value

Describes goods, services, or properties that possess a significant worth or quality compared to others of a similar nature.

Winning Price

The final price at which a good or service is sold in an auction or competitive bidding process.

Low-value

Describes goods or services that have minimal worth or importance, often reflected in their low price or perceived utility.