ECON-1010-D1/D2-Introduction to Microeconomics
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What does utility measure?
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The condition required for a consumer to be maximizing utility, for any pair of products, X and Y, is
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When price rises, the substitution effect
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Real income is calculated as
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A rise in the price of gasoline, everything else remaining the same, ________ the relative price of a restaurant meal and ________ real income in terms of restaurant meals.
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Larry consumes only beer (B) and chips (C). If beer is measured on the vertical axis, the relative price of chips in terms of beer is all of the following except
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Assume that a college student purchases only coffee and candy bars. If both coffee and candy bars are normal goods, what will the income effect associated with a decrease in the price of a candy bar result in?
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Let MUx and MUy stand for the marginal utility of goods X and Y, respectively. Let Px and Py stand for the price of goods X and Y, respectively. Assume that for a given consumer MUx and MUy are equal to each other, and Px is greater than Py. In this case, the consumer is better off if he consumes
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What does a market demand curve reflect?
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Which one of the following statements is true about the indifference curves for two goods that are close but not perfect substitutes?
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