Multiple Choice
The slope of the budget constraint is affected by the
A) consumer's income level.
B) relative price of goods being consumed.
C) consumer's preferences.
D) preferences of other consumers.
E) amount of goods in the market.
Correct Answer:
Verified
Correct Answer:
Verified
Q23: Exhibit 5-4<br>The numbers inside the box below
Q24: Utility maximization implies that a change in
Q25: Consider the table below showing Anne's willingness
Q26: If a consumer is already consuming a
Q27: Total utility is the<br>A)change in utility a
Q29: The market demand curve is the sum
Q30: A consumer will consume such that price
Q31: Marginal utility is<br>A)always greater than total utility.<br>B)utility
Q32: Economists refer to utility as the<br>A)satisfaction that
Q33: Utility is easily measured by economists using