Which of the following is not an assumption of the theory of consumer behavior described in this chapter?
A. The consumer has make decisions within a given budget constraint
B. The consumer experiences diminishing marginal utility from consuming goods
C. The consumer's tastes and preferences continually change within the period studied
D. The consumer aims to get maximum total utility out of a given budget
C. The consumer's tastes and preferences continually change within the period studied
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An automatic increase in a wage rate found in some contracts is known as a
A) change of labor agreement. B) cost of labor arrangement. C) cost of living adjustment. D) charge for living amendment.
An advantage of a corporation is
A) the ability to raise large sums of financial capital. B) unlimited liability on the part of shareholders. C) the fact that ownership and control are never separated. D) the fact that the corporation is dissolved when one of its owners dies.
Why do most economists favor emissions taxes over direct controls as a pollution deterrent?
Which of the following will most likely occur during the contractionary phase of a business cycle?
What will be an ideal response?