A Measure of How Much Income Must Be Given to a Consumer

question 17

Multiple Choice

A measure of how much income must be given to a consumer after a price change to leave the consumer at the same level of utility the consumer had attained before the price change occurred is called

• A) opportunity cost
• B) price-compensating variation in income
• C) the Slutsky equation

---

Definitions:

Environment

The surroundings or conditions in which a person, animal, or plant lives or operates, including both natural and human-made factors.

Natural Selection

The mechanism through which creatures that are more suited to their surroundings are more likely to live and have a greater number of descendants.

Genome

A genome is the complete set of DNA, including all of its genes, in an organism, encapsulating the entire genetic information.

Monozygotic

Pertaining to identical twins who developed from a single fertilized egg and share all of their genes.