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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 99 times)

chads108

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on: Jun 29, 2018
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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Reply #1 on: Jun 29, 2018
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
YES! Correct, THANKS for helping me on my review

phuda

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Reply 3 on: Yesterday
Excellent

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