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Question 21 0.8 pts exist(s) when a consumer is completely indifferent between two goods O Imperfect selection Improper preference Perfect complements Perfect substitutes O Perfect indifference Question 22 0.8 pts The concept of diminishing marginal utility means that a graph representing total utility will be impossible to generalize without a data set. upward-sloping. O upward-facing concave. Odownward-sloping. downward-facing concave Question 23 0.8 pts If a combination of items exists to the right of the budget constraint line, the consumer O must consume less of one item in order to afford O cannot afford. O must decrease the variety of items in the combination O will be able to afford sometime in the future. O must increase the variety of items in the combination.

Question 24 0.8 pts The change in utils for each change in units consumed is known as the O slope. marginal utility. unity of utility. total utility diminishing marginal utility Question 25 0.8 pts Diminishing marginal utility is a decline in with each additional unit; satisfaction O utility; util utils; increase units consumed; utility O satisfaction; unit

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Answer #1

21. Ans: perfect indifference.

22. Ans: downward facing concave

Explanation:

Downward facing concave curve represents decrease in slope.

23. Ans: cannot afford.

Explanation:

Budget line represents that a consumer can purchase different combination two goods with the given income and the price of two goods. So consumer can not afford to purchase any combinations which are right to the budget line due to the constraint of income.

24. Ans:Marginal Utility

25. Ans: satisfaction;unit

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