The rate at which a consumer is able to substitute one good for another is determined by the …….

Related MCQs

• In which exchange rate system, exchange rate is fixed by the monetary authority
• If the income elasticity of demand is that one, the good is a
• A consumer with a given income will maximise their utility when:
• The concept of consumer surplus was developed by
• Marginal utility curve of a given consumer is also his:
• What effect is working when the price of a good falls and consumers tend to buy it instead of other goods
• If the income and substitution effect of a price increase works in the same direction the good whose price has changed is a
• When an individual’s income falls(while everything else remains the same), his demand for an inferior good:
• The higher the marginal income tax rate, the
• Suppose that the MPC out of disposable income was 0.8 and the marginal tax rate was 0.25 for a given economy. In this case, the value of the tax multiplier in the simple Keynesian model would be