A) golf but not attend concerts, since golf is cheaper.
B) golf twice as often as he attends concerts.
C) less golf whenever he receives a large raise.
D) relatively less golf and attend relatively more concerts whenever his leisure time becomes more scarce.
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Correct Answer
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A) The consumer has to make purchasing decisions within a given budget constraint.
B) The consumer experiences diminishing marginal utility from consuming goods.
C) The consumer's tastes and preferences continually change within the period studied.
D) The consumer aims to get maximum total utility out of a given budget.
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Correct Answer
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A) the difference between total and marginal utility.
B) total utility.
C) average utility.
D) marginal utility.
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Correct Answer
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Correct Answer
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Correct Answer
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A) number of units of chicken the consumer is prepared to give up to obtain one more unit of beef.
B) number of units of beef the consumer is prepared to give up as income falls.
C) number of units of beef the consumer must sacrifice to obtain one more unit of chicken.
D) rate at which units of beef may be exchanged for units of chicken in the market.
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Correct Answer
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A) $1 per unit.
B) $2 per unit.
C) $3 per unit.
D) $4 per unit.
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Correct Answer
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