Refer to Figure 19

question 90

Multiple Choice

Refer to Figure 19.2.With no budget constraint, a rational consumer will consume _________ apple(s) .

• A) zero
• B) one
• C) six
• D) an infinite number of

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Definitions:

Consumer Expenditure

The total amount spent by consumers on goods and services in a given period.

Total Revenue

The overall amount of money generated from the sale of goods and services before any expenses are subtracted.

Inelastic

Describes a situation where the quantity demanded or supplied changes by a smaller percentage than the percentage change in price.

Total Revenue

is the total amount of money received by a company from its sales of goods or services, before any expenses are subtracted.