The change in consumption that results from a change in the ...

[waynest]

The change in consumption that results from a change in the relative price of goods while staying on the same indifference curve is the
 
  A) income effect.
  B) substitution effect.
  C) indifference effect.
  D) price effect.

Question 2

An efficient use of resources occurs when
 
  A) there is a deadweight loss.
  B) the total social benefit of a good equals its total social cost.
  C) there is perfect price discrimination by a monopoly.
  D) there is no producer surplus.

[dlook33]

Answer to Question 1

B

Answer to Question 2

C

[waynest]

Thank you

[dlook33]

No problemo