Consumers will maximize utility whenever the total benefits of consumption of the good exceed the total cost of the good.
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Q214: If income falls, normal goods will experience
Q215: When MUₓ/Pₓ > MUᵧ/Pᵧ, the buyer should
Q216: If the price of a good falls,
Q217: Negatively sloped demand curves can be explained
Q218: For a consumer to be in equilibrium,
Q220: The substitution effect indicates that the implicit
Q221: Given the consumer's income, a decrease in
Q222: The marginal rate of substitution increases as
Q223: A consumer's total utility is greater at
Q224: The budget line indicates a constraint on
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