Consumer equilibrium exists when:

a. the marginal utility of each good and service consumed is equal.
b. the total utility of each good and service consumed is equal.
c. the marginal utility of each good and service consumed equals its price.
d. ratio of marginal utility to price for all goods and services is equal.


d

Economics

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Suppose A and B are complementary goods. Other things being equal, the demand curve for A will shift to the right when the price of B goes down

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The distinction between supply and the quantity supplied is best made by saying that:

A. the quantity supplied is represented graphically by a curve and supply as a point on that curve. B. the quantity supplied is in an inverse relation with prices, whereas supply is in a direct relation. C. the quantity supplied is in a direct relation with prices, whereas supply is in an inverse relation. D. supply is represented graphically by a curve and quantity supplied as a point on that curve.

Economics