An inferior good is one that consumers buy in smaller quantities when incomes rise.
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Q32: Consumers should purchase a good up to
Q33: All decisions involve opportunity cost.
Q34: Since price tends to equal total utility,
Q35: The law of diminishing marginal utility guarantees
Q36: A consumer cannot gain consumer's surplus if
Q38: Quantity demanded is affected not just by
Q39: Consumer's surplus exists only for the last
Q40: The diamond-water puzzle, described by Adam Smith,
Q41: The law of demand ensures that a
Q42: At the end points on a budget
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