A Consumption Bundle

question 69

Multiple Choice

A consumption bundle

• A) is a particular combination of consumption and leisure.
• B) only measures a quantity of goods and services, but not the amount of leisure.
• C) is a method of bringing home consumption goods.
• D) measures the quality of a particular good.
• E) is a particular combination of work and leisure.

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Definitions:

Budget Line

A visual depiction of every potential pair of two products a consumer is able to buy based on their earnings and the costs of these items.

Utility Function

A mathematical representation of how different quantities of goods or services translate into levels of happiness or satisfaction for an individual or society.

Utility Function

A mathematical representation that assigns a value to every possible choice to indicate the level of satisfaction or utility that choice provides to a consumer.

Demand

The quantity of a good or service that consumers are willing and able to purchase at a given price over a specified period of time.