Exam 5: Consumer Choice
Exam 1: Economics: the Core Issues151 Questions
Exam 2: The Useconomy: a Global View152 Questions
Exam 3: Supply and Demand162 Questions
Exam 4: The Role of Government153 Questions
Exam 5: Consumer Choice138 Questions
Exam 6: Elasticity147 Questions
Exam 7: The Costs of Production157 Questions
Exam 8: The Competitive Firm149 Questions
Exam 9: Competitive Markets151 Questions
Exam 10: Monopoly153 Questions
Exam 11: Oligopoly152 Questions
Exam 12: Monopolistic Competition150 Questions
Exam 13: Natural Monopolies: Deregulation151 Questions
Exam 14: Environmental Protection150 Questions
Exam 15: The Farm Problem148 Questions
Exam 16: The Labor Market149 Questions
Exam 17: Labor Unions151 Questions
Exam 18: Financial Markets148 Questions
Exam 19: Taxes: Equity Versus Efficiency149 Questions
Exam 20: Transfer Payments: Welfare and Social Security148 Questions
Exam 21: International Trade155 Questions
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The law of diminishing marginal utility gives us insight into the downward-sloping demand curve because consumers are willing to pay a higher price for goods with high marginal utility.
(True/False)
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The mix of consumer purchases that maximizes the utility attainable from available income is called the
(Multiple Choice)
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Optimal consumption is the mix of consumer goods sold that maximizes utility for producers.
(True/False)
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The slope of the budget constraint, when a consumer has reached optimal consumption of two goods, is equal to the
(Multiple Choice)
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A successful advertising campaign induces consumers to buy more of a product at any given price than before.
(True/False)
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As compared to sociologists and psychologists, economists accept consumer tastes as given and instead focus on
(Multiple Choice)
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Refer to Figure 19.1.The total consumer surplus in this market is equal to

(Multiple Choice)
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Assume that Anna buys peanut butter and bread.If the price of peanut butter falls, then
(Multiple Choice)
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Price discrimination is ________ in the United States and ________ practiced.
(Multiple Choice)
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The ___________ surplus will rise if the price of the good ________.
(Multiple Choice)
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Graphically, as a consumer buys more of a good, the marginal utility line will
(Multiple Choice)
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Sociopsychiatric explanations of consumer behavior include the
(Multiple Choice)
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The rational consumer chooses a combination of two goods that is on the budget constraint and is tangent to the highest indifference curve possible.
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