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Please answer all following questions Question 3 (The answer is Not D) The following are proper...

Please answer all following questions

Question 3 (The answer is Not D)

The following are proper descriptions about the Demand Curve for certain good X, EXCEPT:

a)It reflects the price the consumer is required to pay per unit consumed.

b)It reflects the maximum price the consumer is able and willing to pay for each extra unit consumed.

c)It is expected to have a negative slope.

d)At any point on the demand, the marginal cost of consumption equals the marginal benefit of consumption, for any given price.

Question 4 (The answer is Not C)

The following are reasons why we expect a negative relationship between price and quantity on the Demand Curve, EXCEPT:

a)Due to the fact that as more consumption of good x is done, the cost per unit declines.

b)In part due to a decline in purchasing power coming from an increase in Px.

c)In part due to Substitution effect coming from a change in Px.

d)Due to decreasing marginal satisfaction in consumption.

Question 5 (The answer is Not A)

The following is the ONLY condition that guarantees optimality in consumption:

MC: Marginal Cost of consumption.

MB: Marginal Benefit of consumption.

TC: Total cost of consumption.

TB: Total Benefit of consumption.

a) MB > MC

b) TB > TC

c) MB = MC

d) TB = TC
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Answer #1

Ans3) the correct option is b)It reflects the maximum price the consumer is able and willing to pay for each extra unit consumed.

Ans4) the correct option is a)Due to the fact that as more consumption of good x is done, the cost per unit declines.

Ans5) the correct option is c) MB = MC

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