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drewster127 drewster127
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5 years ago

Question 1.

Initially, a consumer is at an optimum. Then the price of Y decreases. Consequently

• MUX/PX = MUY/PY.

• MUX/PX > MUY/PY.

• MUX/PX < MUY/PY.

• MUX > MUY.

Question 2.

The real-income effect refers to

• the change in purchasing power when the price of a good changes.

• substitution of less expensive commodities for more expensive commodities.

• the law of diminishing marginal utility.

• the want-satisfying power of a good or service.
Textbook 
Economics Today: The Micro View

Economics Today: The Micro View


Edition: 19th
Author:
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Nikki_LYNNNikki_LYNN
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drewster127 Author
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5 years ago
Thank you
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