11/7/15, 11:35 AMAssignment Print ViewPage 1 of 301.Award: 1 out of 1.00 point1 out of 1.00 pointScore:Score:29/30Points96.67%A consumer's demand curve for a product is downsloping because:total utility falls below marginal utility as more of a product is consumed.marginal utility diminishes as more of a product is consumed.time becomes less valuable as more of a product is consumed.the income and substitution effects precisely offset each other.!!ReferencesReferencesMultipleMultipleChoiceChoiceLearning Objective:07-03 Explain howa demand curvecan be derived byobserving theoutcomes of pricechanges in theutility-maximizationmodel.✓#!
11/7/15, 11:35 AMAssignment Print ViewPage 2 of 302.Award: 1 out of 1.00 point1 out of 1.00 pointAccording to economists, gift registries, returning gifts for cash refunds, and "recycling gifts":ReferencesReferencesMultipleMultipleChoiceChoiceLearning Objective:07-05 Giveexamples of severalreal-worldphenomena thatcan be explainedby applying thetheory of consumerbehavior.✓#
11/7/15, 11:35 AMAssignment Print ViewPage 3 of 303.Award: 1 out of 1.00 point1 out of 1.00 pointIf a rational consumer is in equilibrium, which of the following conditions will hold true?!ReferencesReferencesMultipleMultipleChoiceChoiceLearning Objective:07-02 Describehow rationalconsumersmaximize utility bycomparing themarginal utility-to-price ratios of allthe products theycould possiblypurchase.
11/7/15, 11:35 AMAssignment Print ViewPage 4 of 30