Multiple Choice
After watching a movie,Alan chooses not to watch a second and goes for a walk instead.Economists could explain his choices using the concept of:
A) budget constraints.
B) diminishing marginal utility.
C) income effect.
D) substitution effect.
Correct Answer:
Verified
Correct Answer:
Verified
Q30: A utility function is:<br>A) an equation for
Q31: Ethan enjoys buying books and going to
Q32: When someone is served pizza and soda
Q33: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1248/.jpg" alt=" Assume Claudia's budget
Q34: Ben is asked to rate the utility
Q36: If Bob has one piece of gum
Q37: In general,the income effect of an increase
Q38: When a person's income increases:<br>A) more bundles
Q39: Sam has $200 a month to spend
Q40: The concept of utility:<br>A) cannot be used