Unformatted text preview: Understate 3. True or False: 1. Indifference curves may be upward sloping. False. 2. Indifference curves of one person may not intersect. True. 4. The marginal rate of substitution (MRS) = MU L /MU C . The MRS is the slope of what curve? The indifference curve 5. What is the cost of leisure? Wage...
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This note was uploaded on 04/06/2008 for the course ECON 380 taught by Professor Gradstudent during the Fall '07 term at UNC.
- Fall '07