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ECON-1010-D1/D2-Introduction to Microeconomics
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If total utility is increasing as more units are consumed, then marginal utility must be
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The rate at which a consumer is WILLING to substitute one good for another is measured by
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Assume that a college student purchases only coffee and candy bars. What will the substitution effect associated with a decrease in the price of a candy bar result in?
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What are the two effects a consumer experiences from to a change in the price?
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Larry consumes only beer (B) and chips (C). His real income in terms of beer is
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Sergio is maximizing utility in his consumption of beer and bubble gum. If the price of beer is greater than the price of bubble gum, then we know
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Which one of the following is not an assumption of marginal utility theory?
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If a consumer's income increases and if all goods are normal goods,
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Marginal utility theory predicts that a rise in the price of a banana results in
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For a consumer to maximize utility from a given income,
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