4. If the price of one of the products associated withindifference curves increases, all else the same, what is theresult? Prices will be lower,  The individual is able toget to a lower level of utility. The individual is able to get toabout the same level of utility. The individual is able to get to ahigher level of utility.
5. If the price of one of the products associated withindifference curves decreases, all else the same, what is theresult? Prices will be higher. The individual is able to get toabout the same level of utility. The individual is able to get to alower level of utility. The individual is able to get to a higherlevel of utility.
6. Which of the following statements best describes howindividuals maximize their utility given a constraint? None ofthese possible answers make sense, This can be shown when thebudget constraint is tangent to the lowest indifference curvepossible, This can be shown when the budget constraint is tangentto the highest indifference curve well above the constraint, Thiscan be shown when the budget constraint is tangent to the highestindifference curve
7. Whenever marginal benefit is less than marginal cost, thedecision maker should do _____ of the activity. less, none, thatexact amount, more
