Consumer spending accounts for about 50 percent of GDP.

If preferences are transitive, indifference curves

A) intersect at the optimum consumption bundle. B) do not intersect. C) intersect where the marginal rate of substitution for each indifference curve is equal. D) intersect at the equilibrium consumption bundle.

Microeconomics is often called

A) price theory. B) decision science. C) scarcity. D) resource theory.