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Author Question: The slope of the indifference curve between steak and lobster is always equal to the ratio of their ... (Read 144 times)

chads108

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The slope of the indifference curve between steak and lobster is always equal to the ratio of their prices.
 
  Indicate whether the statement is true or false

Question 2

Define opportunity cost. Given the definition of opportunity cost, explain what is meant by the statement There is no such thing as a free lunch.
 
  What will be an ideal response?



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fatboyy09

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Answer to Question 1

FALSE

Answer to Question 2

Opportunity cost is what we give up, or forgo, when we make a choice. There
is no such thing as a free lunch because everything involves a cost, even if it
is just a time cost.




chads108

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Reply 2 on: Jun 29, 2018
:D TYSM


irishcancer18

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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