Instructions: Identify the Following

question 90

Short Answer

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
New Netherland, Henry Hudson, New Amsterdam

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Definitions:

Indifference Curve

A graph showing different combinations of two goods that provide equal satisfaction and utility to a consumer.

Marginal Rates of Substitution

The speed at which a buyer is prepared to sacrifice one item for another while keeping their satisfaction constant.

Bads

Are items that people do not desire to have, opposite to goods, which have a negative impact on utility when consumed.

Indifference Curves

Graphical representations in microeconomics showing different bundles of goods between which a consumer is indifferent.