If X₁ + X₂ ≤ 500y₁ and Y₁ Is 0-1,then

question 48

True/False

If x₁ + x₂ ≤ 500y₁ and y₁ is 0-1,then if y₁ is 0,x₁ and x₂ will be 0.

---

Definitions:

Marginal Rate of Substitution

How quickly a consumer agrees to trade one good for another, aiming to keep their level of pleasure steady.

Edgeworth Box

A diagram used in economics to show the distribution of resources, illustrating how different mixes of goods can lead to an optimal allocation.

Competitive Equilibrium

A state in a competitive market where supply equals demand, and the market clears at a price where no participant has an incentive to change their behavior.

Total Value

The complete worth of a good, service, asset, or investment, often taking into account both tangible and intangible factors.