The curvature of the isoutility curve illustrates: A) the amount of safety that can be exchanged for wages on the labour market. B) a diminishing marginal rate of transformation between wages and job safety. C) a diminishing marginal rate of substitution between wages and job safety. D) the law of diminishing marginal returns applied to wages. E) the diminishing marginal rate of technical substitution between wages and job safety.
The curvature of the isoutility curve illustrates: A) the amount of safety that can be exchanged for wages on the labour market. B) a diminishing marginal rate of transformation between wages and job safety. C) a diminishing marginal rate of substitution between wages and job safety. D) the law of diminishing marginal returns applied to wages. E) the diminishing marginal rate of technical substitution between wages and job safety.
Chapter11: Labor Markets
Section: Chapter Questions
Problem 18SQ
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