The Marginal Rate of Substitution Is

question 24

Multiple Choice

The marginal rate of substitution is

• A)the slope of a budget constraint.
• B)always constant.
• C)the slope of an indifference curve.
• D)the point at which the budget constraint and the indifference curve are tangent.

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Definitions:

States

Administrative divisions within a country, possessing certain governmental powers as defined by the nation's constitution or by historical precedent.

Thaddeus Stevens

A distinguished politician and abolitionist from the 19th century in the U.S., recognized for his pivotal role in the enactment of the 13th Amendment that eradicated slavery.

Radical Republicans

A faction of American politicians within the Republican Party from about 1854 to the end of Reconstruction in 1877 who advocated for the immediate abolition of slavery and stern retribution to the Southern states.

Andrew Johnson

The 17th President of the United States, serving from 1865 to 1869, known for his efforts to quickly reincorporate the Southern states after the Civil War and his subsequent impeachment.