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UI Post-UTME Economics 2021 (Model questions) Question 23

Question 23

Theory of Consumer Behaviour

Tracing out points of consumer equilibria when the income the consumer changes, ceteris paribus gives us the........

  1. A.Income consumption curve
  2. B.Price consumption curve
  3. C.demand curve
  4. D.Demand function
Show the answer and explanation

Answer: A (Income consumption curve)

Explanation

Joining the equilibrium points as income changes (prices fixed) gives the income consumption curve.