The Dual Approach to the Consumer's Problem Is to Choose

question 91

Multiple Choice

The dual approach to the consumer's problem is to choose:

• A) the highest indifference curve that just touches the budget line.
• B) the least-cost budget line required to achieve a given level of utility (satisfaction).
• C) the maximum income required to achieve a given level of utility (satisfaction).
• D) all of the above

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Definitions:

Secession

The act of a region or entity declaring independence from a country or state to which it currently belongs, aiming to create a separate sovereign state.

Ostend Manifesto

A document from 1854 where US diplomats recommended the acquisition of Cuba by any means necessary, to expand the territory for slavery.

Monroe Doctrine

President James Monroe’s declaration to Congress on December 2, 1823, that the American continents would be thenceforth closed to European colonization, and that the United States would not interfere in European affairs.

Natural Rights

Fundamental rights believed to be inherent to humans, independent of any government or social system, often including life, liberty, and the pursuit of happiness.