The change in consumption divided by a change in income is called the
a. consumption function
b. marginal propensity to consume
c. marginal propensity to spend
d. spending function
e. changing propensity to consume
B
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The table below shows the utility schedule for a consumer of candy bars. Candy Bars ConsumedTotal Utility001529312414515615713Marginal utility becomes negative with the consumption of the
A. sixth candy bar. B. seventh candy bar. C. fifth candy bar. D. second candy bar.
Total utility always decreases when additional amounts of a commodity are consumed.
Answer the following statement true (T) or false (F)
List and define the three types of unemployment
What will be an ideal response?
The marginal expenditure of a monopsonist is $4. The wage it currently pays is $3. The labor supply curve has a constant elasticity. What is the elasticity of the labor supply?
A) 0.33 B) 0.66 C) 1 D) 3