n our utility maximization model, limited resources are represented by _____ while unlimited wants are represented...
n our utility maximization model, limited resources are represented by _____ while unlimited wants are represented by _____.
a. our income; the marginal rate of substitution
b. the marginal rate of substitution; our income
c. the budget constraint; indifference curves
d. indifference curves; the budget constrain
Homework Answers
The answer to the given question is c.
The budget constraint, as the name suggests, shows the limited combination of goods and services we can purchase given our income.
The indifference curve shows the unlimited wants as this curve represents the combination of goods that give us an equal amount of satisfaction, and this curve is never ending on both sides.
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n our utility maximization model, limited resources are
represented by _____ while unlimited wants are represented...
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Labor Economics
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