ECON-1010-D1/D2-Introduction to Microeconomics
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What does a consumer’s choice of goods depend on?
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Which of the following is NOT a characteristic of a typical indifference curve?
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Suppose all prices double and income also doubles. Which statement is true?
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An indifference curve slopes downward because
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Peter's income increases and so does his consumption of both movies and pop, but his consumption of pop increases by less than his consumption of movies increases. Which one of the following statements is true for Peter?
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If income rises, then in the new consumer equilibrium
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According to a behavioural economist, a person who is unwilling to sell the last kilogram of rice he purchased for the same price that he paid for it is displaying
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As a consumer's income decreases, marginal utility theory predicts that
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Assume the quantity of good X is measured on the horizontal axis and the quantity of good Y on the vertical axis. Initial prices are Px = $5 and Py= $10. The consumer's income is $100. If Py increases to $20, then
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How can we define the marginal rate of substitution on the graph of consumer choice model?
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