At the Consumer's Optimum

question 52

Multiple Choice

At the consumer's optimum

• A) the budget constraint will have a slope of MUx/Px.
• B) it is still possible for the consumer to increase his consumption of both goods.
• C) the indifference curve will intersect the budget constraint at the midpoint of the budget constraint.
• D) the slope of the indifference curve is equal to the slope of the budget constraint.

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Definitions:

Abolition

The action of abolishing a system, practice, or institution, such as slavery or capital punishment.

Private Property

Ownership of assets (land, buildings, goods) by individuals or corporations, legally protected by the government.

Karl Marx

A 19th-century philosopher, economist, and social scientist best known for his theories about capitalism and communism.

Capitalist

An economic system in which private individuals rather than the state own and control property and businesses, operating for a profit.