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6. Who proposed Revealed prefere A. Wilfred Pareto B. J. Hicks C. Paul A. Samuelson D. All of the above C

6. Who proposed Revealed prefere A. Wilfred Pareto B. J. Hicks C. Paul A. Samuelson D. All of the above C

Principles of Microeconomics
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter21: The Theory Of Consumer Choice
Section: Chapter Questions
Problem 1PA
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6. Who proposed Revealed preference theory? A. Wilfred Pareto B. J. Hicks C. Paul A. Samuelson D. All of the above 7. Which concept explains that, when the price of a good falls it appears cheaper to the cosumer given his income as fixed? A. Substitution effect B. Income effect C. Expense effect D. Cheaper effect Evaluate whether the following statement is true or false: (Each correct answer = 0.5 Mark) 8. A demand curve always has a negative slope except in exceptional cases. True False 9. A production possibility frontier shows all the possible combination of two goods or two options available at one point in time. True False 10. While total utility decreases the marginal utility increases from using extra unit of a good. True 0 False 11. Bread and tea are substitute products because a consumer can use bread instead of tea. True 12. The shape of the production True False possibility curve is convex. 0 False 13. An indifference curve shows how the consumers can purchase any combination of two goods with less satisfaction also. True False
Transcribed Image Text:6. Who proposed Revealed preference theory? A. Wilfred Pareto B. J. Hicks C. Paul A. Samuelson D. All of the above 7. Which concept explains that, when the price of a good falls it appears cheaper to the cosumer given his income as fixed? A. Substitution effect B. Income effect C. Expense effect D. Cheaper effect Evaluate whether the following statement is true or false: (Each correct answer = 0.5 Mark) 8. A demand curve always has a negative slope except in exceptional cases. True False 9. A production possibility frontier shows all the possible combination of two goods or two options available at one point in time. True False 10. While total utility decreases the marginal utility increases from using extra unit of a good. True 0 False 11. Bread and tea are substitute products because a consumer can use bread instead of tea. True 12. The shape of the production True False possibility curve is convex. 0 False 13. An indifference curve shows how the consumers can purchase any combination of two goods with less satisfaction also. True False
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