If an individual's utility function is quasi-concave, his or her MRS will:
a. diminish as x is substituted for y.
b. increase as x is substituted for y.
c. be undefined except in special cases.
d. always depend only on the ratio of x to y.
Question 2
Buyers anticipate that the temporary warehouse seller of unbranded computer equipment will
a. deliver high quality products consistent with expectations
b. not attempt to establish any warranty enforcement mechanisms
c. offer several prices and qualities
d. produce only one quality
e. none of the above
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