In the Following Graph the Price of Y Is $15

question 84

Multiple Choice

In the following graph the price of Y is $15.At point B,

• A)the consumer can exchange one unit of X for one unit of Y and keep income unchanged.
• B)the marginal rate of substitution of X for Y is greater than it is at point A.
• C)the consumer's utility is greater than it is at point A.
• D)both a and b
• E)all of the above

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Definitions:

Indirect Observations

Observations made through the use of instruments or tools rather than through direct sensory experience.

Replicable

Capable of being repeated or duplicated under similar conditions, allowing for verification of results.

Perfect Objectivity

An ideal state of being unbiased and impartial, free from personal feelings or opinions.

Paradigm Shift

A fundamental change in the basic concepts and experimental practices of a scientific discipline or other professional practice.