Exam 5: Consumer Choice

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  Use the indifference curves and the budget lines in Figure 19.3 to answer the indicated question.Assume the price of Y is $1 per unit.If the price per unit of good X is $1, the optimal consumption is found at point Use the indifference curves and the budget lines in Figure 19.3 to answer the indicated question.Assume the price of Y is $1 per unit.If the price per unit of good X is $1, the optimal consumption is found at point

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The law of diminishing marginal utility suggests that

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If marginal utility is negative, then

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Complete Table 19.2 below: Quantity Total Marginal Consumed Utility Utility 1 15 15 2 - 9 3 30 - 4 - 3 Table 19.219.2 Utility Schedule In Table 19.2, the total utility when four units are consumed is

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Sellers can increase total revenues by charging different individuals the maximum they are willing to pay.

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Which of the following is not a determinant of demand?

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As more satisfaction is achieved from consuming a good with diminishing marginal utility, then total utility

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If marginal utility is rising, then total utility must be falling.

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A consumer maximizes total utility from a given amount of income when the

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  Refer to Figure 19.2.With no budget constraint, a rational consumer will consume _________ apple(s). Refer to Figure 19.2.With no budget constraint, a rational consumer will consume _________ apple(s).

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Price discrimination occurs when stores mark down products for sale.

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If a product has a high marginal utility, then

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All of the possible combinations of two goods that lie on one indifference curve

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An individual's consumer surplus is the difference between the maximum price that she or he is willing to pay and the actual price.

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Colleges do not engage in price discrimination because it is illegal.

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Consumers who actually purchase a good either were willing to pay that price or more.

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  Use the indifference curves and the budget lines in Figure 19.3 to answer the indicated question.Assume the price of Y is $1 per unit.If the price per unit of good X is $1, the consumer would maximize utility by consuming Use the indifference curves and the budget lines in Figure 19.3 to answer the indicated question.Assume the price of Y is $1 per unit.If the price per unit of good X is $1, the consumer would maximize utility by consuming

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The In the News article titled "Men vs.Women: How They Spend" differentiates the spending habits of women and men: "Men spend almost twice as much as women do on electronic equipment … young women spend twice as much money on clothing, personal care items, and their pets." Which determinant of demand is most likely involved?

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Which of the following is used to depict all combinations of goods that are affordable with a given income and given prices?

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Maximum utility is achieved when

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