The absolute value of the slope of the production possibilities curve is the
A) contract curve.
B) marginal rate of transformation.
C) marginal rate of substitution.
D) offer curve.
Correct Answer:
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Q10: A social welfare function
A)can never be derived
Q11: A public good is
A)always provided by the
Q12: Movement from an inefficient allocation to an
Q13: An example of an activity that generates
Q14: The marginal rate of substitution is
A)the slope
Q16: Market failure can occur when
A)individuals can influence
Q17: Welfare economics
A)only looks at the poorest parts
Q18: The government must intervene in markets in
Q19: According to the Second Fundamental Theorem of
Q20: Social indifference curves are the same as
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