Microeconomics Quiz
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FOUNDATIONS & ECONOMIC REASONING
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If a consumer's indifference curves are L-shaped, it implies that the two goods are:
A
perfect substitutes, and the marginal rate of substitution is constant.
B
perfect complements, and the substitution effect of a price change is zero.
C
unrelated goods, and a change in the price of one has no effect on the other.
D
inferior goods, and the income elasticity of demand is negative.
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