Theory of Consumer Choice Quiz

• The number of goods consumers can buy with limited financial resources
• How consumers make decisions about what to buy based on their financial resources (correct)
• The demand curve for different goods in the market
• The theory of competitive firms in Chapter 14

• It indicates that consumers are willing to buy less when the price of the good is high (correct)
• It illustrates that consumers are willing to buy more when the price of the good is low
• It shows that consumers are willing to pay more when the price of the good is high
• It demonstrates that consumers are indifferent to the price of the good

• Trade-offs between supply and demand
• Trade-offs between buying more of one good and buying less of other goods (correct)
• Trade-offs between different consumer preferences
• Trade-offs between different firms in a competitive market

<p>It forces consumers to consider the prices of goods and make decisions based on their budget (B)</p> Signup and view all the answers

<p>Consumers are willing to pay less for the good (B)</p> Signup and view all the answers