Figure 21-7 -Refer to Figure 21-7.Assume That the Consumer Depicted in the Consumer

question 13

Multiple Choice

Figure 21-7

-Refer to Figure 21-7.Assume that the consumer depicted in the figure has an income of $20.The price of Skittles is $2 and the price of M&M's is $4.This consumer will choose a consumption bundle where the marginal rate of substitution is

• A)2.
• B)2/3.
• C)1/2.
• D)1/3.

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Definitions:

Business Strategy

A plan of action designed to achieve a long-term or overall aim within the competitive setting of a business.

Disadvantages

The negative or less favorable aspects of something that may hinder success or efficiency.

Designated Groups

Categories of people identified for special consideration or protection under laws or policies, often related to employment equity.

Valuable

Describes something that holds great worth or importance, often due to its utility, rarity, or contribution towards achieving a goal.