Multiple Choice Quizzes with Answer in English (Page: 408)
Given that income is $500 and PX = $20 and PY = $5, what is the market rate of substitution between goods X and Y?
What is the maximum amount of good Y that can be purchased if X and Y are the only two goods available for purchase and PX = $5, PY = $10, X = 20, and M = 500?
The idea that a consumer is limited to selecting a bundle of goods that is affordable is captured by the:
The affordable bundle that yields the greatest satisfaction to the consumer is:
A situation where a consumer says he does not know his preference ordering for bundlesX and Y would violate the property of:
The possible goods and services a consumer can afford to consume represents the:
What is/are the important things that must be developed when characterizing consumer behavior?
Individuals who purchase services and goods for the purpose of consumption are: