Perfect substitutes - Study guides, Study notes & Summaries

ECS2601 ASSIGNMENT 1 SEMESTER 2 2024 If food is on the vertical axis and housing is on the horizontal axis, a set of indifference curves that are quite steep with respect to the horizontal axis … a. mean that the two goods are perfect substitutes. b. imply that food has a higher relative value compared to housing for the consumer. c. re ect a preference pattern that generally values housing high, relative to food. d. say nothing relating to how the consumer feels about the two good...

MNP_3701 Exam with Notes. In your portfolio, (a) write down the number of the question, (b) the option representing your answer, and (c) reasons for choosing that option. Example: Question 8.1 Under which market structure is there only one supplier that can provide a product or service? [a] oligopoly [b] perfect competition [c] monopoly [d] recession Question 8.1 Option [c] monopoly is correct, as this market structure is characterised by a single seller selling unique...

this paper provides solutions for micro economics ( ecs 2601) assignment 1 2021.