A good is inferior for a consumer if
A) it is never included in his or her consumption bundle.
B) its consumption rises when income rises.
C) its consumption falls when income rises.
D) some minimal level of the good must be consumed to assure the consumer's survival.
E) the assumption of "more is always preferred to less" holds.
Correct Answer:
Verified
Q2: A utility function
A) needs to measure the
Q3: A utility function
A) is a stand-in for
Q4: The consumer's work-leisure choice problem focuses on
Q5: A static decision is one that
A) is
Q6: An indifference curve is best defined as
A)
Q7: We assume that the representative consumer's preferences
Q8: We assume that the representative consumer's preferences
Q9: A good is normal for a consumer
Q10: An indifference curve
A) connects a set of
Q11: Two key properties of indifference curves are
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