At the Point Where the Budget Line Is Just Touching

question 221

Multiple Choice

At the point where the budget line is just touching an indifference curve at one point,

• A) the slope of the budget line is equal to the slope of the indifference curve.
• B) the marginal rate of substitution equals the relative price.
• C) the consumer can change his or her consumption and can move to a higher indifference curve.
• D) Both answers A and B are correct.
• E) Both answers B and C are correct.

Understand fundamental concepts of Piaget’s theory including object permanence and theory of mind.

Comprehend the cognitive development processes in infants and children with respect to object permanence, number understanding, and conservation tasks.

Appreciate the legacy and criticisms of Piaget's work in contemporary psychology.

Describe the habituation technique and its significance in studying infant cognition.

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