Question

question 1
what is a budget constraint?
a concept analyzing total utility across goods.
a line showing diminishing satisfaction from goods.
a measure of income elasticity in choices.
the substitution effect when price changes.
the possible combinations of two goods affordable with limited income.
question 2
what is a budget constraint?
a concept analyzing total utility across goods.
a line showing diminishing satisfaction from goods.
a measure of income elasticity in choices.
the substitution effect when price changes.
the possible combinations of two goods affordable with limited income.
question 3
what does consumer equilibrium describe?
a state where total utility is decreasing.
the concept of mutual substitution among goods.
the point on the budget line where satisfaction is maximized.
when marginal utility per dollar exceeds price.

Explanation:

• For Question 1: Behavioral economics combines economics and psychology to study decision - making.
• For Question 2: A budget constraint represents the different combinations of two goods that a consumer can afford given their limited income.
• For Question 3: Consumer equilibrium is the point on the budget line where a consumer maximizes their satisfaction (total utility).

Answer:

Question 1: A branch of economics integrating psychology to understand decision - making.
Question 2: The possible combinations of two goods affordable with limited income.
Question 3: The point on the budget line where satisfaction is maximized.