defined marginal rate of technical substitution (MRTS).

Question : The indifference curve's slope is calculated using:

Option 1: Marginal Rate of Substitution

Option 2: Marginal Opportunity Cost

Option 3: Marginal Rate of Transformation

Option 4: None of these

Question : A consumer will not be in equilibrium when according to the indifference curve and price line.

Option 1: The price of retroactive items and the marginal utility ratio is the same.

Option 2: The ratio of marginal utilities of the two goods is equal to the ratio of their respective prices.

Option 3: The prices of the two items are equal, as is the marginal rate of substitution.

Option 4: Substitution's marginal rate is declining.

Question : If a consumer is in equilibrium, the consumer's marginal rate of substitution (MRS) must be equal to:

Option 1: The price of X.

Option 2: The price of Y.

Option 3: The ratio of marginal utilities.

Option 4: The ratio of prices.

Question : If a consumer is in equilibrium, the consumer's marginal rate of substitution (MRS) must be equal to:

Option 1: The price of X.

Option 2: The price of Y.

Option 3: The ratio of marginal utilities.

Option 4: The ratio of prices.

Question : If a consumer is in equilibrium, the consumer's marginal rate of substitution (MRS) must be equal to:

Option 1: The price of X.

Option 2: The price of Y.

Option 3: The ratio of marginal utilities.

Option 4: The ratio of prices.