Given a consumer's indifference map, the demand curve for a good can
a. be derived by moving a consumer's budget constraint as her income falls.
b. be derived by moving a consumer's budget constraint as her income rises.
c. be derived by moving a consumer's budget constraint as the market price of one good changes.
d. not be derived from consumer theory.
c
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Which is the first stage of Maslow's Hierarchy of Needs?
a. self-actualization b. esteem needs c. safety d. physical needs
Which of the following statements concerning utility is correct?
a. It is possible to precisely measure the utility an individual receives from consuming a particular good or service b. It is always possible to determine whether Dalene or Juloy gets more utility from consuming two units of the same good c. The utility of goods can be measured while the same is not true for services d. Utility is a subjective measure of satisfaction an individual receives from consuming a good or service e. It is only useful if there is no scarcity