If the Relative Price of a Concert Ticket Is Three

question 124

Multiple Choice

If the relative price of a concert ticket is three times the price of a meal at a good restaurant, then the opportunity cost of a concert ticket can be measured by the

• A)slope of the budget constraint.
• B)slope of an indifference curve.
• C)marginal rate of substitution.
• D)income effect.

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Definitions:

Obverse

A term often used in logic and mathematics, referring to the opposite or a counterpart of something.

Proposition

An expression or proclamation that signifies a belief or conclusion, which may be valid or not.

Obverse

The statement formed by negating both the subject and predicate of a given categorical proposition and changing the quality from affirmative to negative, or vice versa.

Proposition

In philosophy, a content of thought expressed in language or symbols that can be analyzed as either true or false.