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Ingy_ Ingy_
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4 years ago

Question 1.

Which of the following is held constant along an indifference curve?



▸

the prices of the goods in question



▸

the marginal utility derived from consuming any bundle of goods on the indifference curve



▸

the marginal rate of substitution between the two goods in question



▸

the total utility derived from consuming any bundle of goods on the indifference curve



Question 2.

In the utility maximizing model, consumer preferences are assumed to be transitive. What does this mean?



▸

that consumers go through cycles in their consumption behavior



▸

that consumers prefer more of a good to less



▸

that consumers have preferences that are relatively consistent in the time period under consideration



▸

that consumers have the freedom to change their preferences from time to time

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InMicro

InMicro


Edition: 1st
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cooldawg69cooldawg69
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Ingy_ Author
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4 years ago
Thank you, thank you, thank you!
lierac00
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Just got PERFECT on my quiz
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This site is awesome
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