When the Indifference Curve Is Tangent to the Budget Constraint

question 158

Multiple Choice

When the indifference curve is tangent to the budget constraint,

• A)a consumer cannot be made better off without an increase in her income or a price decrease in one of the goods she consumes.
• B)the consumer is likely to be at a sub-optimal level of consumption.
• C)income is at its optimum for a consumer.
• D)indifference curves are likely to intersect.

Understand the role and limits of exemption clauses in contract law.

Introduce the principle of frustration in contract law and its effect on contract obligations.

Understand the concept and importance of organizational buyers in the market.

Comprehend how marketing creates various forms of utility (form, place, time, possession) and its impact on consumer value.

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