AP Microeconomics Practice Test: Theory of Consumer Choice or Behavior

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Question 5 questions

Time 6 minutes

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1. If the price of a product decreases with the price of a substitute product remaining constant such that the consumer buys more of this product, this is called the

2. If the price of a product decreases so that the consumer can buy more of it and other products, this is called the

3. Consumer surplus is

4. The utility-maximizing rule is to choose the basket of goods that

5. According to the principle of diminishing marginal utility,