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ECON-1010-D1/D2-Introduction to Microeconomics
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If the price of a normal good changes, the income effect of the price change will
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Marginal utility is
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What is the slope of an indifference curve?
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The theory of consumer choice can often provide insight into the behaviour of which of the following types of individuals?
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What happens when indifference curves are bowed in toward the origin?
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The price of a good increases relative to other goods. Which one of the following statements must be true? The resulting
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Harold can consume apples and oranges. He likes them equally well and currently is in consumer equilibrium. Then the price of oranges rises, while his income remains the same. What will happen to his consumption?
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Bianca consumes pizza. Marginal utility theory predicts that when the price of pizza increases,
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Suppose you are consuming hot dogs and Cokes and believe you are receiving maximum total utility from the meal for your entire budget of $12. The price of a hot dog is $2 and the price of a Coke is $2. Which one of the following can you conclude?
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The value of a good relates to
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