The Property of Diminishing Marginal Rate of Substitution Follows from the Property

question 13

Multiple Choice

The property of diminishing marginal rate of substitution follows from the property that the indifference curve is

• A)upward sloping.
• B)downward sloping.
• C)bowed in toward the origin.
• D)concave from the origin.
• E)bowed out from the origin.

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Definitions:

Shrimp

A small, decapod crustacean that is a popular seafood item, found in both fresh and salt water.

Tupperware

A brand known for producing and selling a variety of plastic containers used for storing food.

Commissions

Payments or earnings based on a percentage of the sales made by a salesperson or agent.

Median

The middle value in a data set when the values are arranged in ascending or descending order; if there is an even number of observations, it is the average of the two middle values.