When Isoquants Are Convex to the Origin

question 78

Multiple Choice

When isoquants are convex to the origin,:

• A)the marginal rate of technical substitution is inverted.
• B)the marginal rate of technical substitution is decreasing.
• C)the marginal rate of technical substitution is constant.
• D)the marginal rate of technical substitution is increasing.

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Definitions:

Principle Of Privity

The Principle of Privity in contract law states that only parties involved in the contract have the right to sue or be sued on that contract, highlighting the exclusivity of contractual obligations and benefits.

Consumer Protection

Laws and regulations designed to safeguard buyers of goods and services against unfair practices.

Legislative Changes

Amendments or enactments made to current laws by a legislative body.

Negotiable Instrument

A transferable document signed by the maker or drawer, promising to pay the holder a sum of money at a future date or on demand.