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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does an indifference curve represent?
💡 Hint: Think about consumer choices.
Question 2
Easy
Explain what MRS means.
💡 Hint: How does increasing one good affect the other?
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does the downward slope of an indifference curve indicate?
- Increased satisfaction
- Trade-offs between goods
- Two goods are bad
💡 Hint: Think about what happens to one good when more of the other is gained.
Question 2
The marginal rate of substitution is always diminishing.
- True
- False
💡 Hint: Consider how satisfaction affects choices.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A consumer faces two indifference curves representing different levels of utility. Explain the trade-off they would face when moving from one curve to another.
💡 Hint: Consider ratios of goods—what are they trading?
Question 2
Given the MRS of bananas for mangoes is increasing, detail how this consumer would respond to a price increase of bananas assuming prices are held constant for mangoes.
💡 Hint: Link how price changes alter consumption choices.
Challenge and get performance evaluation