The slope of a standard budget constraint reflects:
A) a diminishing marginal rate of substitution of leisure for income
B) an increasing marginal rate of substitution of leisure for income
C) a constant marginal rate of substitution of leisure for income
D) the wage rate
Correct Answer:
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Q9: refer to the following diagram representing Larry's
Q10: For income and leisure time,a higher level
Q11: refer to the following diagram:
Q12: Indifference curves are convex to the origin
Q13: refer to the following diagram:
Q15: In the context of the basic work-leisure
Q16: In an income-leisure diagram,the wage rate is
Q17: refer to the following diagram:
Q18: refer to the following diagram:
Q19: The convex shape of a standard indifference
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