{"id":44476,"date":"2024-04-15T21:44:16","date_gmt":"2024-04-15T21:44:16","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=44476"},"modified":"2024-04-15T21:44:16","modified_gmt":"2024-04-15T21:44:16","slug":"moving-along-an-indifference-curve-if-a-consumer-requires-a-small-amount-of-the-good-measured-along-the-y-axis-to-make-up-one-unit-less-of-the-good-measured-on-the-x-axis-then","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/moving-along-an-indifference-curve-if-a-consumer-requires-a-small-amount-of-the-good-measured-along-the-y-axis-to-make-up-one-unit-less-of-the-good-measured-on-the-x-axis-then\/","title":{"rendered":"Moving along an indifference curve, if a consumer requires a small amount of the good measured along the Y-axis to make up one unit less of the good measured on the X-axis, then"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a9780ec4a87c\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"true\">\r\n                    The marginal rate of substitution is high and the indifference curve is steep                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    Total utility is increasing                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    The marginal rate of substitution is high and the indifference curve is shallow                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    The marginal rate of substitution is low and the indifference curve is shallow                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: A. The marginal rate of substitution is high and the indifference curve is steep.<\/p>\n<p>The marginal rate of substitution (MRS) is the amount of one good that a consumer is willing to give up to obtain one more unit of another good, while remaining at the same level of satisfaction. The MRS is measured at a point on an indifference curve.<\/p>\n<p>An indifference curve is a curve that shows all the combinations of two goods that a consumer is indifferent between. In other words, the consumer is equally satisfied with any combination of goods that lies on the indifference curve.<\/p>\n<p>The MRS is high when a consumer is willing to give up a lot of one good to obtain a small amount of another good. This means that the consumer values the two goods differently. The MRS is low when a consumer is not willing to give up much of one <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n     <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div>            <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> good to obtain a small amount of another good. This means that the consumer values the two goods equally.<\/p>\n<p>The indifference curve is steep when the MRS is high. This means that the consumer is willing to give up a lot of one good to obtain a small amount of another good. The indifference curve is shallow when the MRS is low. This means that the consumer is not willing to give up much of one good to obtain a small amount of another good.<\/p>\n<p>In the question, the consumer requires a small amount of the good measured along the Y-axis to make up one unit less of the good measured on the X-axis. This means that the consumer is willing to give up a lot of the good measured along the Y-axis to obtain a small amount of the good measured on the X-axis. Therefore, the MRS is high and the indifference curve is steep.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Join Our Telegram Channel Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Moving along an indifference curve, if a consumer requires a small amount of the good measured along the Y-axis to make up one unit less of the good measured on the X-axis, then<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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