MICROECONOMICS-W/ACCESS
2nd Edition
ISBN: 9780077716318
Author: BERNHEIM
Publisher: MCG
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Question
Chapter 1, Problem 5DQ
To determine
Classify the statement as a model or not a model.
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Students have asked these similar questions
What role does utility play in the economic model of consumer behavior?
When modeling consumer behavior, utility
A. identifies the consumer who receives the most satisfaction from consuming a particular set of goods and services.
B. provides an objective measure of satisfaction from consuming a particular set of goods and services in units called "utils."
C. identifies the combination of goods and services that is least expensive.
D. identifies the combination of goods and services that can be produced most efficiently.
E. reflects the enjoyment a consumer receives from consuming a particular set of goods and services.
O O
(9)
What determines the utility an individual receives from consuming a good?
Select one:
a. The individual’s own preferences.
b. The demand and supply curves for that good.
c. The producers conducting customer feedback surveys of that good and the feedback provided.
(10)
Denzel bought headphones two months ago, Solo2 Beats by Dre, for $130. He gives them to his little brother and goes online to buy another for himself but they are now $160. What is the percentage change in the headphone’s price?
Select one:
a. 23%
b. 30%
c. 21%
50. Budget constraints provide a visual image the represents what a person can afford, given the price of the two goods and his budget amount.
Group of answer choices
A. True
B. False
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- Do consumers always make rational consumer decisions when buying economic goods?arrow_forwardExplain:a. Before economic growth, there were too few goods; after growth, there is too little time.b. It is irrational for an individual to take the time to be completely rational in economic decision making.c. Telling Santa what you want for Christmas makes sense in terms of utility maximization.arrow_forwardPerceptual Filters depend on which of the following? D. All of the Above A. Formal Education B. Practical Life Experience C. Reasoning Abilityarrow_forward
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