1. __________ Can also cause an upward shift in the budget line a. Higher prices

Question

1. __________ Can also cause an upward shift in the budget line a. Higher prices b. Higher indifference curve e. Higher utility d. Lower price 2. The rate of substitution along the indifference curve implies. a. Utility trade ? off b. commodity trade-off c. relative price d. relative utility of commodities 3. Another indifference curve corresponds to another level of satisfaction because of the change in a. the budget b. prices C. consumption level d. utility 4. The maximum satisfaction point of a budget line is where it is tangent to an indifference curve because

Explanation / Answer

Ans 1 - Lower price

Ans 2 - commodity trade off

Ans 3 - consumption level

Ans 4 - budget can only buy the satisfaction of the indifference curve within it.

Ans 5 - relative prices

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