Along an Indifference Curve,if the Marginal Rate of Substitution Is

question 227

Multiple Choice

Along an indifference curve,if the marginal rate of substitution is 3,then the consumer is willing to

• A) give up 1 unit of the good measured along the y-axis for 3 units of the good measured along the x-axis.
• B) give up 3 units of the good measured along the y-axis for 1 unit of the good measured along the x-axis.
• C) pay $3 for one unit of the good measured along the y-axis.
• D) pay $3 for one unit of the good measured along the x-axis.
• E) give up 3 units of the good measured along the y-axis for 1 unit of income, that is, $1 of income.

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Definitions:

Inspiratory Capacity (IC)

The maximum amount of air that can be inhaled after a normal exhalation.

Tidal Volume (TV)

The amount of air that is inhaled or exhaled during normal breathing at rest.

Inspiratory Capacity (IC)

The maximum volume of air that can be inhaled after a normal exhalation, measured to assess lung function.

Spirometer

A device used to measure the volume of air inhaled and exhaled by the lungs.