Convex indifference curves suggest that:
A) consumers prefer a variety of goods
B) consumers prefer the consistency of the same good
C) consumers are indifferent about variety
D) more is always better than less
Correct Answer:
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Q17: The Law of Diminishing Marginal Utility implies
Q18: If TU is increasing, then MU is:
A)
Q19: A person who has eaten so much
Q20: The marginal rate of substitution is the
Q21: Convexity of the indifference curve is due
Q23: The limit to consumption is caused by:
A)
Q24: Consumer choices depend on:
A) preferences
B) relative prices
C)
Q25: If the budget constraint is given by
Q26: If the budget constraint is given by
Q27: The opportunity set:
A) the collection of all
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