Lecture+03+quiz

# Lecture+03+quiz - E Marginal rate of substitution Econ 100A...

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Econ 100A, fall2010, lecture 3 slide# 2 Quiz This graph shows one set of possible combinations of shirts and pants that would make Tom Nechyba equally happy. Question 1: What is the name of this curve? A. Equality curve. B. Iso-utility curve. C. Phillips curve. D. Indifference curve. E. Trade-off curve. Econ 100A, fall2010, lecture 3 slide# 3 Quiz This graph shows one set of possible combinations of shirts and pants that would make Tom Nechyba equally happy. Question 2: What do we call the slope of this curve? A. Trade-off rate. B. Marginal trade-off rate. C. Indifference gradient. D. Marginal utility.

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Unformatted text preview: E. Marginal rate of substitution. Econ 100A, fall2010, lecture 3 slide# 4 Quiz Consider a simple choice set consisting of three items, {A, B,C}, and an individual with the following preferences over this choice set: • A is strictly preferred to B. • B is strictly preferred to C. • C is strictly preferred to A. Notice that these preferences create a cycle in which each item is preferred to the next. Question 3: What property do these preferences violate? A. Completeness. B. Transitivity. C. Non-cyclicity. D. Continuity. E. Monotonicity....
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Lecture+03+quiz - E Marginal rate of substitution Econ 100A...

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