WHEN MODELING CONSUMER CHOICE, THE PRICE RATIO OF THE TWO PRODUCTS...

45. When modeling consumer choice, the price ratio of the two products is the:equilibrium exchange rate.→ slope of the budget line.

Test Bank for Essentials of Economics 3rd Edition by Brue

point of tangency for equilibrium.demand for the two products.

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AACSB: AnalyticBlooms: RememberDifficulty: 2 MediumLearning Objective: 01-04 List the categories of scarce resources and delineate the nature of the economizing problem.Topic: Individual's economic problemMultiple Choice Question