1. Indifference curves 2. For an individual who consumes only two goods, and the opportunity cost of consuming one unit of in terms of X Y, X how much must be given up is reflected in Y 3. If bundles of goods and lie on the same indifference curve, one can assume the individual A B 4. If bundle lies on an indifference curve and bundle lies to the right of the curve, the individual A B 5. an individual is to maximize the utility received from consumption, he or she should spend all available income. . . “If .” This statement assumes
1. Indifference curves 2. For an individual who consumes only two goods, X and Y, the opportunity cost of consuming one unit of X in terms of how much Y must be given up is reflected in 3. If bundles of goods A and B lie on the same indifference curve, one can assume the individual 4. If bundle A lies on an indifference curve and bundle B lies to the right of the curve, the individual 5. “If an individual is to maximize the utility received from consumption, he or she should spend all available income. . . .” This statement assumes
Test-Bank-for-Intermediate-Microeconomics-and-Its-Application-12th-Edition-by-Nicholson.docx