177. If a consumer moves upward along an indifference curve, his or her total ut

Question

177. If a consumer moves upward along an indifference curve, his or her total utility:
A) remains constant.
B) first decreases, then increases.
C) increases.
D) first increases, then decreases.

178. The maximum amount of one good a consumer would be willing to give up in order to obtain an additional unit of another is called the:
A) marginal rate of substitution.
B) marginal rate of utility exchange.
C) average rate of substitution.
D) marginal rate of exchange
189. A fixed factor of production is defined in the text as one:
A) that exists in nature and there is only so much of it.
B) that can be used for one thing only.
C) that can never produce more or less in any time period.
D) whose quantity cannot be changed in a particular period.

Explanation / Answer

177. If a consumer moves upward along an indifference curve, his or her total utility:
A) remains constant.
B) first decreases, then increases.
C) increases.
D) first increases, then decreases.

178. The maximum amount of one good a consumer would be willing to give up in order to obtain an additional unit of another is called the:
A) marginal rate of substitution.
B) marginal rate of utility exchange.
C) average rate of substitution.
D) marginal rate of exchange

189. A fixed factor of production is defined in the text as one:
A) that exists in nature and there is only so much of it.
B) that can be used for one thing only.
C) that can never produce more or less in any time period.
D) whose quantity cannot be changed in a particular period.

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