Fill in the spaces:a. Along an indifference curve ____________ is constant.b. The rate at which a consumer is willing to substitute one good for another, holding utilityconstant, is given by the ____________ of an indifference curve. This rate is called the_________________________________.c. If at a given combination of X and Y, a consumer’s marginal rate of substitution is 4, thismeans that the consumer is willing to give up ______ units of Y for another X or ______units of X for another Y.d. If a consumer is choosing the levels of goods X and Y in order to maximize utility with agiven budget the _________ equals the ____________ ratio of the goods.e. The rate at which a consumer can substitute one good for another in the market is given bythe ______ of the budget line and is equal to the __________ratio of the two goods

Marginal utility is:Multiple Choicediminishing.constant.increasing.unpredictable.

Indifference curves illustrateGroup of answer choicesa firm's profits.the prices of two goods.a consumer's preferences.a consumer's budget.

Assume that a consumer's indifference curve is bowed inward and negatively sloped. As the consumer moves from left to right along the horizontal axis, the consumer's marginal rate of substitutionGroup of answer choicesincreases.decreases.increases, then decreases.remains constant.

Because of diminishing marginal utility, indifference curves are _______.Multiple choice question.convex to the originhorizontalconcave to the originvertical

The ______ bundle of goods and services occurs where the indifference curve is tangent to the budget line.Multiple choice question.utility-maximizingprofit maximizingmost affordablecost minimizing