Refer to the Following Graphs

question 23

Multiple Choice

Refer to the following graphs:


The price of Y is $15 per unit.
-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:

Ordinary Holder

In financial terms, an average investor or party holding financial instruments, securities, or other assets under normal circumstances.

HDC

Refers to a Holder in Due Course, a legal term describing a party that has acquired a negotiable instrument under certain conditions, protecting them against certain defenses.

Presentment Warranties

Guarantees made by the presenter of a negotiable instrument that certain facts are true at the time of negotiation.

Altered Instrument

A legal term referring to a document, particularly a negotiable instrument, that has been illegally modified in a way that changes its original terms.