The Consumer Is in Equilibrium When

question 20

Multiple Choice

The consumer is in equilibrium when

• A) MRT = MRS.
• C) the budget line is tangent to the indifference curve at the bundle chosen.
• D) All of the above.

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Definitions:

Pathogen

A microorganism, such as a virus, bacterium, or parasite, that can cause disease in its host.

Cognitive

Pertains to the mental processes involved in gaining knowledge and comprehension, including thinking, knowing, remembering, judging, and problem-solving.

Mechanical

Pertaining to machines or the principles of machinery and engineering.

Model

A representation, either physical, mathematical, or conceptual, used to describe or simulate a process, concept, or entity.