When a consumer is consuming at a point where his or her budget line is not as steep as his or her indifference curve, then he or she should
A) consume more of the good that is measured on the horizontal axis.
B) consume less of the good that is measured on the horizontal axis.
C) not change his or her behavior.
D) consume none of the good that is measured on the horizontal axis.
A
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In order to measure gross domestic product, we can follow
A) three approaches: the expenditure approach, the income approach, and the production approach. B) only one approach: the circular flow approach. C) two approaches: the expenditure approach and the income approach. D) only one approach: the national accounts approach. E) three approaches: the expenditure approach, the income approach, and the market-based approach.
Does economic growth have any negative side effects?
A) No. Every person in a nation experiencing economic growth will benefit. B) No, because where negative side effects do occur, a nation's government is required to neutralize them. C) Quite possibly. Some say economic growth puts people on a never-ending quest to satisfy newly created wants, so we always feel disappointed with our lives. D) yes, but only for the poorest segment of a nation's population
At prices below a consumer's willingness to pay:
A. the buyer will participate in the market because the opportunity cost is less than the benefit from consuming the good. B. the buyer will participate in the market because the opportunity cost is more than the benefit from consuming the good. C. the buyer will not participate in the market because the opportunity cost is less than the benefit from consuming the good. D. the buyer will not participate in the market because the opportunity cost is more than the benefit from consuming the good.
Marginal cost:
a) is always less than price. b) is the minimum price a producer to cause him to offer one more unit of a good for sale. c) decreases as more is produced. d) may be negative. e) is greater than price