An individual's demand curve
a. represents the various quantities that a consumer is willing to purchase of a good at various prices.
b. is derived from an individual's indifference curve map.
c. will shift if preferences, prices of other goods, or income change.
d. all of the above.
d
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Consumers maximize total utility within their budget constraint by
A) spending the same dollar amount for each good. B) buying the cheapest goods they can find. C) buying whatever they like the best. D) buying the goods with the largest marginal utility per dollar spent.
An increase in the real wage would result in a
A) movement along the labor demand curve, causing an increase in the number of workers hired by the firm. B) shift of the labor demand curve, causing an increase in the number of workers hired by the firm. C) movement along the labor demand curve, causing a decrease in the number of workers hired by the firm. D) shift of the labor demand curve, causing a decrease in the number of workers hired by the firm.