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practice3-2 - 1 A consumer's budget set A includes only...

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1) A consumer's budget set: A) includes only combinations of two goods that exhaust the budget. B) includes only combinations of two goods that leave the consumer with leftover money. C) is the set of all affordable combinations of two goods. D) Both A and C are correct answers. 2) All combinations of two goods below a consumer's indifference curve generate ________ utility than combinations of the two goods on the curve. 3) An increase in one product price but not the other: 4) Which of the following preference rankings is not consistent with Figure 6.6?
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