Question 1
What does the concept of consumer surplus represent?
Question 2
If a consumer's indifference curves are perfectly straight lines, what does this imply about their preferences?
Question 3
When analyzing the substitution effect, what happens to the quantity demanded of a good when its price decreases?
Question 4
In the context of consumer choice, what does the income effect refer to?
Question 5
If a consumer's marginal utility from good X is less than that from good Y, what should they do to maximize utility?
