A curve that shows how the best available consumption bundle changes as income changes (holding the consumer's preferences and all other prices fixed) is called:
A. a price-consumption curve.
B. an individual demand curve.
C. an income-consumption curve.
D. a budget line.
C. an income-consumption curve.
Economics
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A consumer's willingness to pay directly measures
a. the extent to which advertising and other external forces have influenced the consumer's preferences. b. the cost of a good to the buyer. c. how much a buyer values a good. d. consumer surplus.
Economics
In equilibrium, consumers will incur costs to signal their type (in markets with adverse selection) only if this results in a price that is lower than the pooling equilibrium price.
Answer the following statement true (T) or false (F)
Economics