If an individual's indifference curve map does not obey the assumption of a diminishing MRS, then

"If an individual is to maximize the utility received from consumption, he or she should spend all available income. ..." This statement assumes

As an individual moves northwest along his or her indifference curve substituting more and more Y for X, his or her WS of X for Y

Suppose that at current consumption levels an individual's marginal utility of consuming an extra hot dog is 10 whereas the marginal utility of consuming an extra soft drink is 2. Then the MRS(of soft drinks for hot dogs)—that is, the number of hot dogs the individual is willing to give up to get one more soft drink is

Suppose an individual's MRS (of steak for beer) is 2:1. That is, at the current consumption choices he or she is willing to give up 2 beers to get an extra steak. Suppose also that the price of a steak is $l and a beer is 25¢. Then in order to increase utility the individual should

The X-intercept of the budget constraint represents

Normative economic analysis

The slope of the production possibility frontier shows

Let Q_d= -5P + 54 and Qs = P - 6. Equilibrium can be found at

Suppose you can write generic supply and demand curves such that Qs = A + BP and Q_D = D+CP. If the graph looks like the one above, A must be