Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 9SQ
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Question
44) A person is in equilibrium when
False
True
45) The budget line for large-ticket items will be affected by the prices of the two items, the income level, and the interest rates for borrowers.
True
False
46) Which statement is NOT a critique of utility theory?
Not all decisions are made rationally.
Utility is not measurable.
Utility theory is limited to an analysis of individual demand behavior.
People do not make mental calculations of satisfaction.
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