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18. Which of the following is true about combinations of goods represented by an indifference curve? a. the marginal utilities of the combinations decrease, descending along the curve b. combinations are equally preferred to one another C. the marginal utilities of the combinations increase, descending along the curve d. each combination matches its price 19. A budget line a, represents the total value of all combinations on an indifference curve b. is determined by a set of prices, indicating combinations of goods a consumer can buy with given income they can save c. is derived by consumers to fix the combinations of goods they can buy and how much d. is an equation representing what a consumer would buy if income matched prices 20. Indifference curves that are downward sloping and convex to the urigin reflect a. the increasing marginal utility of certain goods b. the increasing case of substituting one good for another c the declining marginal rate of substitution d the rising marginal rate of substitution 21. The distinction between an indifference curve and an indifference map is that a. . indifference curves are convex toward the origin while indifference maps are concave b. an indifference map is comprised of many indifference curves C. an indifference map has a rising marginal rate of substitution d. the law of diminishing marginal utility is less evident in an indifference map than on an indifference curve 22. A demand curve that is derived using the indifference curve approach will a. be more sensitive to income changes than one derived using the marginal-utility-to- price ratio approach b. have the same characteristics as one derived using the marginal-utility-to-price ratio approach c. allow for interpersonal comparisons of utility to be made with precision d. show a declining marginal rate of substitution 23. As the price of a good falls, people buy more of it because a. the demand for the good increases be they have more income to spend on the good c. the marginal utility from additional units of consumption of the good increases d. the marginal-utility-to-price ratio for the good increases 24. An increase in the price of a good causes people to buy less of it because i. the demand for the good decreases b. they have less income to spend on the good c. the marginal utility from additional units of consumption of the good decreases d. the marginal-utility-to-price ratio for the good decreases 25. Suppose that the market for lima beans is in equilibrium, and buth the supply and demand curves for lima beans shift to the left. As a result, the equilibrium price and the equilibrium quantity will