
consumer theory
Authored by Ritu Kumar
Other
KG - University
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10 questions
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1.
FILL IN THE BLANK QUESTION
1 min • 5 pts
The slope of the budget constraint equals the of the goods.
2.
FILL IN THE BLANK QUESTION
1 min • 5 pts
The slope of an indifference curve is called the
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Indifference curves are downward sloping because
a consumer likes both the goods
a consumer doesn't like both the goods
a consumer likes one good and not the other
None of the above
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
When the two goods are perfect substitutes
MRS is constant
Indifference curves are straight lines
Both (a) and (b)
Neither (a) nor (b)
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
When the two goods are perfect complements, say right shoes and left shoes
A consumer cares just about the number of pairs of shoes
The indifference curves are right angles
both (a) and (b)
neither (a) nor (b)
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
At the consumer's optimum point,
Indifference curve is tangent to the budget line
MRS equals the relative price
both (a) and (b)
neither (a) nor (b)
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Income effect of the price change refers to the change in consumption
that results from
being at a point on an indifference curve with a different MRS
that reduces consumer's welfare
that results from the movement to higher IC
None of the above
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