Other things remaining the same, an individual demand schedule shows the various quantities of a good:
a. that a person wants and is able to purchase at alternative prices.
b. that are demanded with a change in the quantity demanded of a substitute good.
c. that a person is able to purchase at alternative income levels.
d. that are demanded at various levels of utility.
e. that are demanded by the market at various prices.
a
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If an individual's income increases
A) the person's indifference curves shift outward in a parallel manner. B) the person's budget line shifts outward in a parallel manner. C) there will be no impact on the individual's budget line or indifference curves. D) None of the above answers is correct.
A deadweight loss occurs whenever
A) the total benefit of a good does not equal its total cost. B) the marginal social benefit of a good does not equal its marginal social cost. C) there is perfect price discrimination. D) there is no consumer surplus.