Problem
Conceptual questions. True or false. Explain. No credit will be given with no explanation.
(a) Assume that a consumer spends all of her income on two goods. If the two goods are perfect complements, then both goods must be normal goods.
(b) The level of utility decreases as an individual moves downward along the demand curve.
(c) Rob has a consumption bundle consisting of movie tickets and football tickets. He is currently willing to trade 4 movie tickets for 1 football ticket. Movie tickets cost $12 each and a football ticket costs $55. Assertion: Rob should give up the movie tickets for the football ticket.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.