ECON-1010-D1/D2-Introduction to Microeconomics
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In indifference curve analysis, the consumer's utility-maximizing point is where
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The slope of an indifference curve shows
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An indifference curve plotted for two different goods on the axes
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Sara's income is $12 a week. The price of popcorn is $3 a bag, and the price of a smoothie is $3. The opportunity cost of a smoothie is
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Bill consumes apples and bananas. Apples are measured on the vertical axis and bananas are measured on the horizontal axis. Bill's income doubles, the price of apples doubles, and the price of bananas triples. Bill's budget line
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What is a distinguishing characteristic of an inferior good?
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Ron starts out in consumer equilibrium, consuming two goods, X and Y. The price of Y rises. Immediately after the rise in price
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Bikes and roller blades are substitutes. Marginal utility theory predicts that when the price of a bike rises, the quantity of bikes demanded
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The paradox of value asks why
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Which of the following barriers to rational choices are studied by behavioural economics?
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