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16 Feb 2018

35) A consumer's best affordable point occurs A) outside the budget line. B) on the budget line. C) at a corner on the budget line, with only one good consumed. D) at a point that cannot be determined. E) inside the budget line.

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Beverley Smith
Beverley SmithLv2
18 Feb 2018
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Related questions

11) Which one of the following is true at the best affordable choice of a consumer? A) Marginal rate of substitution is less than the relative price of the good measured on the r-axis. B) Other consumption points along the consumer's budget line lie on higher indifference curves. C) Marginal rate of substitution exceeds the slope of the budget line. D) The consumption choice is outside the budget line. E) All income is spent.

24) Which one of the following is true at the best affordable choice of a consumer? A) Marginal rate of substitution exceeds the slope of the budget line. B) Marginal rate of substitution is less than the relative price of the good measured on the X-axis. C) All income is spent. D) The consumption choice is outside the budget line. E) Other consumption points along the consumer's budget line lie on higher indifference curves.

Any combination of goods lying outside of the budget line:

A. implies that the consumer is not spending all his income.

B. yields less utility than any point on the budget line.

C. yields less utility than any point inside the budget line.

D. is unattainable, given the consumer's income.

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