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Chapter 04 - Consumer Behavior

Chapter 04 - Consumer Behavior - Test Bank Microeconomics...

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Page 1 of 18 Test Bank Microeconomics: Theory and Policy Chapter 04: Consumer Behavior B. Modjtahedi Question 1 What is “marginal willingness to pay”? A. The amount of money a consumer is willing to pay for the next unit of a product. B. The amount of money a consumer is able to pay for the next unit of a product. C. The amount of money a consumer is willing and able to pay for the next unit of a product. D. All of the above. E. None of the above. Question 2 Which of the following statements is NOT necessarily true? Question 3 Which of the following statements is true? Question 4 Economists generally assume that
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