Which of the following is an assumption of theory of consumer behavior described in this chapter?
A. The consumer's income increases as prices of goods increase
B. Each good that a consumer consumes has a price
C. The consumer oftentimes is not sure about her preferences
D. Marginal utility increases as more units of a good is consumed
B. Each good that a consumer consumes has a price
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From 1979 to 2011, which country had the highest growth rate of GDP per hour of work?
A. Singapore B. United Kingdom C. France D. Japan
The supply curve reflects the:
a. inverse relationship between price and quantity offered. b. positive relationship between demand and supply. c. negative relationship between price and quantity bought. d. positive relationship between price and quantity bought. e. positive relationship between price and quantity offered.
If the economy is in long-run equilibrium, the actual unemployment rate is less than the natural unemployment rate
Indicate whether the statement is true or false
A consumer should increase this/her consumption of good X relative to good Y if:
A. the marginal benefit per dollar spent on good X is greater than the marginal benefit per dollar spent on good Y. B. the marginal benefit per dollar spent on good X is smaller than the marginal benefit per dollar spent on good Y. C. the marginal benefit per dollar spent on good X is the same as the marginal benefit per dollar spent on good Y. D. None of these