The marginal-utility theory of consumer behavior assumes that the consumer is (wealthy, rational) __________ and has certain (preferences, discounts) __________ for various goods. A consumer cannot buy every good and service desired because income is (subsidized, limited) __________ and goods and services are scarce in relation to the demand for them; thus, they have (prices, quantities) __________ attached to them.

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Rational Every consumer choice is made by considering the cost... View the full answer