We assume leisure is a normal good. This implies that
A) an increase in taxes decreases the demand for leisure.
B) households maximize utility.
C) preferences over consumption are well defined.
D) an increase in the wage increases demand for leisure.
Correct Answer:
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Q24: In the (consumption,leisure)space,indifference curves as we have
Q25: When consumers act as price-takers,we say that
Q26: The marginal rate of substitution measures
A) the
Q27: The marginal rate of substitution
A) is minus
Q28: The fact that indifference curves are downward
Q30: An indifference curve
A) connects a set of
Q31: The representative consumer acts competitively
A) when he
Q32: Two key properties of indifference curves are
Q33: The fact that indifference curves are bowed
Q34: The time constraint for the consumer is
A)
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