Two Goods Are Perfect Substitutes

question 57

Multiple Choice

Two goods are perfect substitutes. The marginal rate of substitution for these two goods is:

• A)parabolic.
• B)exponential.
• C)a constant.
• D)shows diminishing marginal utility.

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Definitions:

Cultural Studies

An interdisciplinary field that analyzes cultural phenomena in its societal context, examining the ways in which culture creates and transforms individual experiences, social relations, and power structures.

Frankfurt School

A group of mid-20th-century theorists who developed critical theories about society and culture, focusing on the power structures of capitalism and the mass media.

Feudal System

A historical socio-economic system in which land was owned by lords who allowed peasants to farm it in return for labor, military service, and part of the produce.

Agricultural Production

The process and practice of cultivating crops and livestock, involving various activities such as planting, harvesting, and rearing animals for food or other uses.