Asked by
Graisy Greener
on Oct 25, 2024Verified
Based on Figure 3.1.5, it can be inferred that:
A) the consumer does not consider orange juice as "good."
B) the consumer will never purchase any quantity of apple juice.
C) the consumer regards orange juice and apple juice as perfect substitutes.
D) the consumer regards orange juice and apple juice as perfect complements.
Perfect Substitutes
Goods or services that can be used in place of one another with no loss of utility by the consumer.
Perfect Complements
Goods that are always used together in fixed proportions, such that the utility derived from consuming one good increases the utility of consuming the other.
Orange Juice
A liquid extract of the orange tree fruit, consumed as a beverage for its taste and nutritional benefits, particularly its high vitamin C content.
- Acquire an understanding regarding the notion of consumer interests and the way they are depicted in economic theories.
Verified Answer
DB
Learning Objectives
- Acquire an understanding regarding the notion of consumer interests and the way they are depicted in economic theories.