Question

Q1. An curve contains equally preferred bundles.

A. Indifference
B. Utility
C. budget

Q.2 Discriminatory monopolist charges the competitive market price to the and rents the competitive quantity of close apartments.
A. Last renter
B. Middle renter
C. First renter

Q.3. The collection of all indifference curves for a given preference relation is an __________.
A. indifference map
B. utility function
C. preference function

Q.4 Any market outcome that achieves all possible gains-to-trade must be ________.
A. Pareto Improvement
B. Pareto Efficient
C. Pareto outcome

Q5. A neutral is a commodity unit, which does not change __________.
A. preference
B. choice
C. utility

Q6. The consumer's ________ is the set of all affordable bundles.
A. Production set
B. consumption set
Z. budget set

Q7. The budget constraint and budget set depend upon and.
A. Price and cost
B. price and income
C. price and profit.

Answer 1

Indifference curves represent equal levels of utility, and an indifference map is a collection of these curves. A discriminatory monopolist will charge the last renter the competitive market price. The budget set is determined by price and income, denoting all affordable bundles for a consumer, and it must be Pareto Efficient to achieve all potential gains-to-trade.

Step-by-step explanation:

Q1. An indifference curve contains equally preferred bundles. The correct answer is A. Indifference.

Q2. A discriminatory monopolist charges the competitive market price to the last renter and rents the competitive quantity of close apartments. The correct answer is A. Last renter.

Q3. The collection of all indifference curves for a given preference relation is an indifference map. The correct answer is A. indifference map.

Q4. Any market outcome that achieves all possible gains-to-trade must be Pareto Efficient. The correct answer is B. Pareto Efficient.

Q5. A neutral is a commodity unit, which does not change utility. The correct answer is C. utility.

Q6. The consumer's budget set is the set of all affordable bundles. The correct answer is Z. budget set.

Q7. The budget constraint and budget set depend upon price and income. The correct answer is B. price and income.