Consumer equilibrium occurs where the budget line is tangent to the:
a. lowest possible indifference curve.
b. highest possible indifference curve.
c. utility maximizing indifference curve.
d. utility equalization indifference curve.
b
Economics
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Refer to Figure 10-7. Suppose the price of Pilates sessions rise to $30 while income and the price of Yoga sessions remain unchanged. The income effect of this price change is represented by the movement from
A) A to B. B) B to C. C) D to B D) D to C.
Economics
Institutions are
A) the same thing as organizations. B) associations of individuals or groups. C) always embodied in a written set of rules. D) a set of rules governing behavior, whether written or not.
Economics