Consumers Seek to Maximize

question 49

Multiple Choice

Consumers seek to maximize

• A)profits.
• B)expected consumer surplus.
• C)expenditures.
• D)choice.

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Definitions:

Indifference Curves

Graphical representations in microeconomics showing different bundles of goods between which a consumer is indifferent.

Consumer's Preferences

The subjective tastes and desires that guide consumer behavior in choosing among various goods and services.

Prices

The price projected, required, or paid in return for a particular item.

Marginal Rate

The rate at which one quantity changes with respect to a change in another quantity, often used in the context of tax or interest.