The marginal rate of substitution is equal to the
A) slope of the demand curve.
B) marginal cost of each good.
C) magnitude of the slope of the indifference curve.
D) relative prices of the two goods.
Question 2
The federal government pays airlines to service small cities in the United States through a subsidy program called Essential Air Service which was established in 1978 when the airline industry was deregulated.
Most subsidies can't exceed 200 per passenger. Without this subsidy, what is TRUE? A) There would be higher prices and fewer flights.
B) There would be lower prices and fewer flights.
C) There would be an increase in supply.
D) There would be a decrease in demand.
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