Consumer choice

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5 Terms

1
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what does combining budget lines and indifference curves do

allows us to examine utility and feasibility at the same time

2
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what is the best bundle on an indifference curve

the one in which the budget line and indifference curve are tangential to one another

3
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what is constrained optimism

giving the individual maximum utility within the given budget

4
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what is a normal good

a good where as income rises, consumption rises

5
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what is an inferior good

when consumption rises as a result of a fallen income