Consumers must forgo certain goods and services based on a limited budget because Blank______.Multiple choice question.a consumer's limited budget is constrained by the resources used to produce goods or servicesa consumer's limited budget is constrained by the availability of goods or servicesa consumer's limited budget is constrained by the demand for goods or servicesa consumer spends his or her limited budget purchasing a combination of goods and services that maximize his or her satisfaction

Which of the following is true regarding a budget constraint?Question 15Select one:a.The budget constraint indicates that consumers desire more income.b.The budget constraint indicates that there are limits on the consumption possibilities for a consumer.c.The budget constraint is based on some, but not all of the prices for goods that consumers may want to buy.d.All of the above statements describe the budget constraint.

Consumers must make choices about what to buy and what to forgo to fulfill wants because Blank______.Multiple choice question.consumers act out of rational self-interestconsumers' incomes are limitedconsumers' incomes are unlimitedconsumers' wants are limited

Consider a consumer who can buy good 1 or 2. The price of good 1 is $5 and the price for good 2 is $4. The consumer has income of 60. She buys 12 units of good 2. The consumer wants to also purchase 2 units of good 1. Which statement is true?Group of answer choicesThis is feasible, as the consumer is inside her budget setThis is outside the consumer’s budget set – it is unaffordableThis is affordable – the consumer would be consuming on her budget constraintall of the abovenone of the above PreviousNext

What does a consumer's budget constraint represent? The consumer's income The consumer's preferred consumption bundles The consumer's feasible consumption bundles The consumer's optimal consumption bundle

Multiple Choice QuestionWhen a product is in high demand with customers based on its value (quality) or price, the demand for the resources to produce that product will be Blank______.Multiple choice question.nonexistentvery highaveragevery low