The point of tangency between a consumer's budget constraint and his or her indifference curve represents
a. complete satisfaction for the consumer.
b. the equivalence of prices the consumer pays.
c. constrained utility maximization for the consumer.
d. the least he or she can spend.
c
Economics
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Why do both households and societies face many decisions?
a) because resources are scarce b) because populations may increase or decrease over time c) because wages for households and therefore society fluctuate with business cycles d) because people, by nature, tend to disagree
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If a government wants to maximize revenues from a tax, it should
A) impose it on sellers. B) impose it on consumers. C) choose a good with a relatively elastic demand. D) choose a good with a relatively inelastic demand.
Economics