Exam 5: Consumer Choice

$\text {Josh is eating pizza at his favorite Italian restaurant. Below is his utility from this consumption:}$ Total Utility Marginal Utility First slice of pizza 20 20 Second slice of pizza 39 19 Third slice of pizza - 15 Fourth slice of pizza 59 - $\text {Table 19.1}$ Refer to Table 19.1.The marginal utility Josh enjoys from the fourth slice of pizza is

An indifference curve shows the

Rosa is willing to pay $200 for the iPhone, but the actual price is $400.This means

Refer to Figure 19.2.Diminishing marginal utility begins after

When sellers price discriminate,

All consumers in the market enjoy a consumer surplus.

The slope of the indifference curve is equal to the

Refer to Figure 19.2.Total utility is maximized at

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

A budget constraint line represents combinations of two goods that provide an individual the same total utility.

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

Utility refers to the

A consumer can purchase a product that is outside her or his budget constraint if it is on a higher indifference curve.

Market demand is identical to individual demand.

Which of the following is not a determinant of demand?

Which of the following statements best captures the concept of consumer surplus?

When choosing among products, consumers look at