A) shows the relation between prices and a consumer's utility. B) shows the relation between income and a consumer's utility. C) shows the relation between the amount of goods consumed and a consumer's utility. D) all of the above E) none of the above A) shows the relation between prices and a consumer's utility. B) shows the relation between income and a consumer's utility. C) shows the relation between the amount of goods consumed and a consumer's utility. D) all of the above E) none of the above

A) is the horizontal summation of the individual demand curves. B) slopes downward. C) shows how market purchases vary with price. D) both a and b E) all of the above A) is the horizontal summation of the individual demand curves. B) slopes downward. C) shows how market purchases vary with price. D) both a and b E) all of the above

Exam 5: Theory of Consumer Behavior

Refer to the following indifference map for a consumer who has an income of $48 to spend on goods X and Y and the market prices of X and Y are both $4: In order to maximize utility subject to her budget constraint,this consumer should buy how many units of good X?

(Multiple Choice)

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Question 21

The figure below shows a consumer maximizing utility at two different prices (the left panel)and the consumer's demand for good X at the same two prices of good X (the right panel).The price of good Y is $14.When the price of X increases from point M to point N along the demand curve,it is clear that good X _ (is,is not)a Giffen good because _____.

(Multiple Choice)

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Question 22

The price of X is $20 and the price of Y is $40. -Based on the above graph,how many units of X will the consumer choose if point B is the utility-maximizing choice?

(Multiple Choice)

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Question 23

According to the following figure,at point A,

(Multiple Choice)

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Question 24

typical indifference curve

(Multiple Choice)

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Question 25

The consumer faces a budget constraint because the market price of X is $3,the market price of Y is $3,and the consumer's budget is $90.How many units of X and Y would be purchased?

(Multiple Choice)

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Question 26

-According to the above figure,if the price of X is $5,what combination of X and Y will a utility-maximizing consumer choose?

(Multiple Choice)

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Question 27

An indifference curve is drawn on a graph with good X on the horizontal axis and good Y on the vertical axis.One point on the curve is X = 5,Y = 5.Which of the following points CANNOT also be on the curve?

(Multiple Choice)

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Question 28

Suppose that 25 units of X and 16 units of Y give a consumer the same satisfaction as 15 units of X and 18 units of Y.Then

(Multiple Choice)

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Question 29

Refer to the following indifference map for a consumer who has an income of $48 to spend on goods X and Y and the market prices of X and Y are both $4: After the price of good X increases to $12 while the price of good Y remains $4,how many units of good X would be purchased?

(Multiple Choice)

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Question 30

The figure below shows a consumer maximizing utility at two different prices (the left panel)and the consumer's demand for good X at the same two prices of good X (the right panel).The price of good Y is $4.50.At point B on indifference curve I,the MRS is _ and _ units of good X are purchased.

(Multiple Choice)

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Question 31

The ratio of the prices of two goods measures

(Multiple Choice)

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Question 32

The figure below shows a consumer maximizing utility at two different prices (the left panel)and the consumer's demand for good X at the same two prices of good X (the right panel).The price of good Y is $14.At point r on indifference curve I,the MRS is _ and _ units of good X are purchased.

(Multiple Choice)

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Question 33

utility function

(Multiple Choice)

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Question 34

Market demand

(Multiple Choice)

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Question 35

The figure below shows a consumer maximizing utility at two different prices (the left panel)and the consumer's demand for good X at the same two prices of good X (the right panel).The price of good Y is $4.50.At point R on the demand curve for X,the price of X is $____.

(Multiple Choice)

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Question 36

The following figure shows a portion of a consumer's indifference map and budget lines.The price of good Y is $17 and the consumer's income is $7,650.Let the consumer begin in utility-maximizing equilibrium at point A on indifference curve II.Next the price of good X changes so that the consumer moves to a new utility-maximizing equilibrium at point B on indifference curve I.The income effect of the change in the price of X is

(Multiple Choice)

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Question 37

The figure below shows a consumer maximizing utility at two different prices (the left panel)and the consumer's demand for good X at the same two prices of good X (the right panel).The price of good Y is $4.50.What is the consumer's income?

(Multiple Choice)

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Question 38

Mary prefers bananas to plums and plums to peaches,but is indifferent between bananas and oranges,she

(Multiple Choice)

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Question 39

The following figure shows a portion of a consumer's indifference map and budget lines.The price of good Y is $7 and the consumer's income is $700.Let the consumer begin in utility-maximizing equilibrium at point A on indifference curve I.Next the price of good X changes so that the consumer moves to a new utility-maximizing equilibrium at point B on indifference curve II.Good X is a(an)___ good and thus cannot be a _ good.

(Multiple Choice)

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Question 40

Showing 21 - 40 of 105

Refer to the following indifference map for a consumer who has an income of $48 to spend on goods X and Y and the market prices of X and Y are both $4: In order to maximize utility subject to her budget constraint,this consumer should buy how many units of good X?

The price of X is $20 and the price of Y is $40. -Based on the above graph,how many units of X will the consumer choose if point B is the utility-maximizing choice?

According to the following figure,at point A,

typical indifference curve

The consumer faces a budget constraint because the market price of X is $3,the market price of Y is $3,and the consumer's budget is $90.How many units of X and Y would be purchased?

-According to the above figure,if the price of X is $5,what combination of X and Y will a utility-maximizing consumer choose?

An indifference curve is drawn on a graph with good X on the horizontal axis and good Y on the vertical axis.One point on the curve is X = 5,Y = 5.Which of the following points CANNOT also be on the curve?

Suppose that 25 units of X and 16 units of Y give a consumer the same satisfaction as 15 units of X and 18 units of Y.Then

Refer to the following indifference map for a consumer who has an income of $48 to spend on goods X and Y and the market prices of X and Y are both $4: After the price of good X increases to $12 while the price of good Y remains $4,how many units of good X would be purchased?

The figure below shows a consumer maximizing utility at two different prices (the left panel)and the consumer's demand for good X at the same two prices of good X (the right panel).The price of good Y is $4.50.At point B on indifference curve I,the MRS is _ and _ units of good X are purchased.

The ratio of the prices of two goods measures

The figure below shows a consumer maximizing utility at two different prices (the left panel)and the consumer's demand for good X at the same two prices of good X (the right panel).The price of good Y is $14.At point r on indifference curve I,the MRS is _ and _ units of good X are purchased.

utility function

Market demand

The figure below shows a consumer maximizing utility at two different prices (the left panel)and the consumer's demand for good X at the same two prices of good X (the right panel).The price of good Y is $4.50.At point R on the demand curve for X,the price of X is $____.

The figure below shows a consumer maximizing utility at two different prices (the left panel)and the consumer's demand for good X at the same two prices of good X (the right panel).The price of good Y is $4.50.What is the consumer's income?

Mary prefers bananas to plums and plums to peaches,but is indifferent between bananas and oranges,she

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