In macroeconomic analysis,the representative consumer
A) denotes the consumer with the average amount of income.
B) plays the role of a stand-in for all consumers in the economy.
C) is the consumer who bargains with firms for all workers in the economy.
D) is always a misleading fiction.
Correct Answer:
Verified
Q2: We consider the preferences of the consumer
Q3: The principle that consumers and firms optimize
A)
Q4: The utility function captures
A) how consumers interact.
B)
Q5: In the (consumption,leisure)space,indifference curves as we have
Q6: In the one-period model,what do we assume
Q7: The preferences of the representative consumer over
Q8: A static decision is one that
A) is
Q9: A consumer is said to be indifferent
Q10: A dynamic decision is one that
A) is
Q11: The consumer wants to work because he/she
A)
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