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</p> Signup and view all the answers

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