Author Question: In most markets, each consumer a. faces the same money price and time price b. faces different ... (Read 112 times)

erika · **on:** Jun 30, 2018

In most markets, each consumer
a. faces the same money price and time price
b. faces different money prices and different time prices
c. faces the same money price but different time prices
d. faces different money prices but the same time price
e. has the same individual demand curve for the product

Question 2

The cost of consumption has two components:
a. the substitution effect and the income effect
b. the law of demand and the law of diminishing marginal utility
c. the price effect and the income effect
d. the money price and the time price
e. saving and taxes