ECON-1010-D1/D2-Introduction to Microeconomics
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A consumer always has a cup of coffee with a tablespoon of sugar. What would the consumer's indifference curves for these two goods look like?
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If Ms. Petersen is maximizing her utility in the consumption of goods A and B, which one of the following statements must be true?
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John and Sally have identical preferences except Sally's utility units are exactly 10 times that of John's. Both have the same income and face the same prices. Choose the best response.
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What can we say about the marginal utility per dollar spent at the consumer’s optimal choice?
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When the price of a good increases, the higher price has what result, all else being equal?
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In what direction will a decrease in income cause a shift in the budget constraint?
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The number of pizza slices is plotted on the horizontal axis and number of hot dogs is plotted on the vertical axis. If the price of a hot dog rises, the
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When the price of a good changes, the change in consumption that leaves the consumer indifferent between the two choices is called the
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For a normal good, the income effect
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Which of the following is a property of indifference curves?
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