Multiple Choice
An alternative way of looking at the consumer's utility maximization decision is called duality in consumer theory, which consists in:
A) looking at the optimum in consumption in terms of setting the marginal utilities equal to the ratio of prices rather than looking at the point where an indifference curve is tangent to a budget line.
B) choosing the lowest budget line that touches a given indifference curve rather than choosing the highest indifference curve, given a budget constraint.
C) constructing a Lagrangian multiplier instead of focusing on the equal marginal principle.
D) decomposing the effects of a price change on consumption, without recourse to budget lines.
Correct Answer:

Verified
Correct Answer:
Verified
Q29: For an inferior good, the income and
Q30: The difference between what a consumer is
Q31: The horizontal summation of the demands of
Q32: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3095/.jpg" alt=" Figure 4.4.2 -Refer
Q33: Which of the following is true concerning
Q35: In recent years, the specification and estimation
Q36: The response to a change in the
Q37: In the demand equation log(Q) = a
Q38: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3095/.jpg" alt=" Figure 4.7.1 -Refer
Q39: A change in consumption of a good