Which of the following statements is correct? The consumer's indifference curves are concave. An indifference curve is downward sloping because of the consumer's preference for diversity. The consumer's budget constraint is bowed in toward the origin. When the consumer optimizes, the marginal rate of substitution of leisure for consumption equals the real wage rate.

Which of the following statements is correct? The consumer's indifference curves are concave. An indifference curve is downward sloping because of the consumer's preference for diversity. The consumer's budget constraint is bowed in toward the origin. When the consumer optimizes, the marginal rate of substitution of leisure for consumption equals the real wage rate.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Consumer Choice Theory

Section6.A: Indifference Curve Analysis

Problem 11SQ

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