Autonomous consumption is consumer spending which is based on income levels

Indicate whether the statement is true or false

FALSE

Economics

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If Bobby decides that his marginal utility per dollar spent on vanilla ice cream exceeds his marginal utility per dollar spent on chocolate ice cream, he should then

A) buy more chocolate ice cream and less vanilla ice cream. B) buy more vanilla ice cream and less chocolate ice cream. C) buy all the vanilla ice cream he can. D) never buy chocolate ice cream.

Economics

The tendency of workers to supply more labor in response to a larger reward for working is called the ________ of a higher real wage on the quantity of labor supplied

A) homogeneous labor supply effect B) negative correlation effect C) income effect D) substitution effect

Economics