Author Question: If consumers buy only gasoline and food, at their best affordable choice the marginal rate of ... (Read 13 times)

Anajune7 · **on:** Jun 29, 2018

If consumers buy only gasoline and food, at their best affordable choice the marginal rate of substitution between food and gasoline ________ the relative price of food and gasoline.

A) must exceed
B) must be less than the
C) must equal
D) might exceed or be less than but not equal to

Question 2

The above figure shows the supply and demand curves for high-skilled and low-skilled labor. High-skilled workers earn a wage rate of

A) 15 per hour.
B) 12 per hour.
C) 9 per hour.
D) 6 per hour.