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Chris M., M.S.W. Social Work
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16. Utility refers to the a) Usefulness of a product. b) Relative

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16. Utility refers to the:
a) Usefulness of a product.
b) Relative scarcity of a product.
c) Price reasonableness of a product.
d) Affordability of a good or service to a consumer.
e) Satisfaction which a consumer derives from a good or service.

17. Equilibrium is the condition where:
a) The plans of suppliers and demanders coincide
b) The supply and demand curves are tangent.
c) The budget line crosses the indifference curve.
d) Only demanders are motivated to change their quantity demanded.
e) None of the above.


18. The marginal rate of substitution:
a) Is constant at all points on the budget line.
b) Increases in absolute value as one moves southeast along an indifference curve.
c) Decreases in absolute value as one moves southeast along an indifference curve.
d) May increase or decrease in absolute value as one moves southeast along an indifference curve, depending upon whether the substitution or income effect is dominant.
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