A) should happen more often if people were rational.
B) cannot be easily explained by the rational choice model.
C) happens only because people expect to get gifts in return.
D) always increase consumer welfare.
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A) convex.
B) concave.
C) straight lines.
D) positively sloped.
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A) an inward rotation of the budget curve.
B) an outward rotation of the budget curve.
C) a parallel shift in the budget curve.
D) an inside shift of the budget curve.
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A) shift inward.
B) rotate inward.
C) shift outward.
D) rotate outward.
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A) absolute value of the indifference curve.
B) tradeoff rate between the two goods under consideration at any particular point.
C) total utility derived at any point.
D) rate at which the consumer increases utility.
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A) large purchases that cannot be incrementally divided.
B) an abstraction requiring more than a three dimensional graph.
C) income not spent on good X in a two-dimensional graphical presentation.
D) the notion that consumer pleasure cannot be modeled graphically.
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A) L-shaped.
B) a straight line with positive slope.
C) a straight line with negative slope.
D) convex.
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A) too much food for utility maximization.
B) too much shelter for utility maximization.
C) just the right amount of each good for utility maximization.
D) less than the budget would allow.
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A) The marginal rate of substitution equals the slope of the budget constraint.
B) The indifference curve is steeper than the budget constraint.
C) The consumer is minimizing utility given the constraints.
D) The consumer can improve his/her situation by consuming more of both goods.
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