3) Diminishing marginal rate of substitution can be seen when indifference curvesA) become flatter as we move down and to the right.B) are downward sloping.cross.D) are concave.4) If the consumer's non-labor income increases while wages remain unchanged, what willhappen to the budget line?A) The budget line shifts inward without a change in slope.B) The budget line rotates inward from the intercept on the horizontal axis.C) The budget line rotates outward from the intercept on the vertical axis.D) The budget line shifts outward without a change in slope.

The curve that depicts combinations of goods that could provide the consumer with an equal level of…

Answered: 3) Diminishing marginal rate of…

3) Diminishing marginal rate of substitution can be seen when indifference curves A) become flatter as we move down and to the right. B) are downward sloping. C) cross. D) are concave.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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