If the rate at which one good is substituted for another is not constant but diminishing then the two goods are imperfect substitutes. The indifference curves are strictly rounded that is the indifference curves are convex
Dana05 answered the question on August 15, 2019 at 14:02
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Describe the shape taken by the indifference curve of neutral goods
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Describe the shape taken by the indifference curve of neutral goods
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August 15, 2019
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Describe the shape taken by the indifference curve of bad goods
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Describe the shape taken by the indifference curve of bad goods
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August 15, 2019
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Describe the shape taken by the indifference curve of perfect complements
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Describe the shape taken by the indifference curve of perfect complements
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August 15, 2019
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Describe the shape taken by the indifference curve of perfect substitutes
(Solved)
Describe the shape taken by the indifference curve of perfect substitutes
Date posted:
August 15, 2019
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Highlight the economic assumptions about consumer preferences
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August 15, 2019
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How do price and income policies control inflation
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How do price and income policies control inflation
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August 15, 2019
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How do monetary policies control inflation
(Solved)
How do monetary policies control inflation
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August 15, 2019
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How do fiscal policies control inflation
(Solved)
How do fiscal policies control inflation
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August 15, 2019
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What are consumer preferences?
(Solved)
What are consumer preferences?
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August 15, 2019
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State the various policies used as remedies of inflation
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State the various policies used as remedies of inflation
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August 15, 2019
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Highlight the external effects of inflation
(Solved)
Highlight the external effects of inflation
Date posted:
August 15, 2019
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Identify the internal effects of inflation
(Solved)
Identify the internal effects of inflation
Date posted:
August 15, 2019
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Highlight the methods used to correct the trade deficit in the J curve phenomenon
(Solved)
Highlight the methods used to correct the trade deficit in the J curve phenomenon
Date posted:
August 14, 2019
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Describe the J curve phenomenon
(Solved)
Describe the J curve phenomenon
Date posted:
August 14, 2019
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Differentiate between the flexible and fixed exchange rate regimes
(Solved)
Differentiate between the flexible and fixed exchange rate regimes
Date posted:
August 14, 2019
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Define the following terms: Exchange rate, Depreciation of the currency, Devaluation Appreciation, Terms of trade
(Solved)
Define the following terms:
- Exchange rate
- Depreciation of the currency
- Devaluation
- Appreciation
- Terms of trade
Date posted:
August 14, 2019
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Answers (1)
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Briefly explain the factors that cause a shift in the balance of payments curve
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Briefly explain the factors that cause a shift in the balance of payments curve
Date posted:
August 14, 2019
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Why is the balance of payments curve positively sloped
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Why is the balance of payments curve positively sloped
Date posted:
August 14, 2019
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What is the balance of payments made up of?
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What is the balance of payments made up of?
Date posted:
August 14, 2019
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Give the definition of balance of payments
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Give the definition of balance of payments
Date posted:
August 14, 2019
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