{"id":53063,"date":"2024-04-15T23:48:31","date_gmt":"2024-04-15T23:48:31","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=53063"},"modified":"2024-04-15T23:48:31","modified_gmt":"2024-04-15T23:48:31","slug":"if-two-goods-were-perfect-substitutes-of-each-other-it-necessarily-follows-that","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/if-two-goods-were-perfect-substitutes-of-each-other-it-necessarily-follows-that\/","title":{"rendered":"If two goods were perfect substitutes of each other, it necessarily follows that"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;An indifference curve relating the two goods will be curvilinear&#8221; option2=&#8221;An indifference curve relating the two goods will be linear&#8221; option3=&#8221;An indifference curve relating the two goods will be divided into two segments which meet at a right angle&#8221; option4=&#8221;An indifference curve relating the two goods will be convex to the origin&#8221; correct=&#8221;option2&#8243;]<!--more--><\/p>\n<p>The correct answer is: B. An indifference curve relating the two goods will be linear.<\/p>\n<p>An indifference curve is a graph that shows all the combinations of goods that a consumer is indifferent between. If two goods are perfect substitutes, then the consumer is indifferent between any two combinations of the goods that have the same amount of one good and the same amount of the other good. This means that the indifference curve will be a straight line, because the consumer is willing to trade one good for the other at a constant rate.<\/p>\n<p>Option A is incorrect because indifference curves for perfect substitutes are linear, not curvilinear.<\/p>\n<p>Option C is incorrect because indifference curves for perfect substitutes are not divided into two segments.<\/p>\n<p>Option D is incorrect because indifference curves for perfect substitutes are not convex to the origin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;An indifference curve relating the two goods will be curvilinear&#8221; option2=&#8221;An indifference curve relating the two goods will be linear&#8221; option3=&#8221;An indifference curve relating the two goods will be divided into two segments which meet at a right angle&#8221; option4=&#8221;An indifference curve relating the two goods will be convex to the origin&#8221; correct=&#8221;option2&#8243;]<\/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":[],"class_list":["post-53063","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"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>If two goods were perfect substitutes of each other, it necessarily follows that<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/if-two-goods-were-perfect-substitutes-of-each-other-it-necessarily-follows-that\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"If two goods were perfect substitutes of each other, it necessarily follows that\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;An indifference curve relating the two goods will be curvilinear&#8221; option2=&#8221;An indifference curve relating the two goods will be linear&#8221; option3=&#8221;An indifference curve relating the two goods will be divided into two segments which meet at a right angle&#8221; option4=&#8221;An indifference curve relating the two goods will be convex to the origin&#8221; correct=&#8221;option2&#8243;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/if-two-goods-were-perfect-substitutes-of-each-other-it-necessarily-follows-that\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-15T23:48:31+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"If two goods were perfect substitutes of each other, it necessarily follows that","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/if-two-goods-were-perfect-substitutes-of-each-other-it-necessarily-follows-that\/","og_locale":"en_US","og_type":"article","og_title":"If two goods were perfect substitutes of each other, it necessarily follows that","og_description":"[amp_mcq option1=&#8221;An indifference curve relating the two goods will be curvilinear&#8221; option2=&#8221;An indifference curve relating the two goods will be linear&#8221; option3=&#8221;An indifference curve relating the two goods will be divided into two segments which meet at a right angle&#8221; option4=&#8221;An indifference curve relating the two goods will be convex to the origin&#8221; correct=&#8221;option2&#8243;]","og_url":"https:\/\/exam.pscnotes.com\/mcq\/if-two-goods-were-perfect-substitutes-of-each-other-it-necessarily-follows-that\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-04-15T23:48:31+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/if-two-goods-were-perfect-substitutes-of-each-other-it-necessarily-follows-that\/","url":"https:\/\/exam.pscnotes.com\/mcq\/if-two-goods-were-perfect-substitutes-of-each-other-it-necessarily-follows-that\/","name":"If two goods were perfect substitutes of each other, it necessarily follows that","isPartOf":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#website"},"datePublished":"2024-04-15T23:48:31+00:00","dateModified":"2024-04-15T23:48:31+00:00","author":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209"},"breadcrumb":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/if-two-goods-were-perfect-substitutes-of-each-other-it-necessarily-follows-that\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/exam.pscnotes.com\/mcq\/if-two-goods-were-perfect-substitutes-of-each-other-it-necessarily-follows-that\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/exam.pscnotes.com\/mcq\/if-two-goods-were-perfect-substitutes-of-each-other-it-necessarily-follows-that\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/exam.pscnotes.com\/mcq\/"},{"@type":"ListItem","position":2,"name":"mcq","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/"},{"@type":"ListItem","position":3,"name":"Economics","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/economics\/"},{"@type":"ListItem","position":4,"name":"If two goods were perfect substitutes of each other, it necessarily follows that"}]},{"@type":"WebSite","@id":"https:\/\/exam.pscnotes.com\/mcq\/#website","url":"https:\/\/exam.pscnotes.com\/mcq\/","name":"MCQ and Quiz for Exams","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/exam.pscnotes.com\/mcq\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209","name":"rawan239","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/761a7274f9cce048fa5b921221e7934820d74514df93ef195a9d22af0c1c9001?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/761a7274f9cce048fa5b921221e7934820d74514df93ef195a9d22af0c1c9001?s=96&d=mm&r=g","caption":"rawan239"},"sameAs":["https:\/\/exam.pscnotes.com"],"url":"https:\/\/exam.pscnotes.com\/mcq\/author\/rawan239\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/53063","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/comments?post=53063"}],"version-history":[{"count":0,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/53063\/revisions"}],"wp:attachment":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/media?parent=53063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/categories?post=53063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/tags?post=53063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}