A Consumer Has the Indifference Map Shown Below

question 82

Multiple Choice

A consumer has the indifference map shown below.The market prices of X and Y are $20 and $50,respectively.The consumer has $500 to spend on goods X and Y.For the utility-maximizing bundle,the marginal rate of substitution is ____________________ the slope of the budget line (in absolute value) ,and the ratio MU/P for good X is ____________ the ratio MU/P for good Y.

• A)greater than; greater than
• B)greater than; less than
• C)less than; greater than
• D)less than; less than
• E)equal to; equal to

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Definitions:

Secondary Labour Market

Part of the job market consisting of low-paying jobs with poor working conditions, limited job security, and few prospects for advancement.

Fringe Benefits

Additional benefits supplementing an employee's salary, such as health insurance, paid vacations, and retirement plans, which are not part of the direct wages.

Exploited Labour Market

A labor market segment characterized by unfair wages and working conditions, where workers are made to work for less than their labor is worth due to unequal power dynamics.

Critical Race Theory

An academic and legal framework that examines society and culture as they relate to categorizations of race, law, and power.