4 apples and 1 orange. 5 apples and no oranges. Refer to Exhibit Q-8 . 0.33 0.5 2.0 3.0 none of the above Ceteris paribus , if income rises, the budget constraint moves inward toward the origin. There are no fixed costs in the long run.
Total costs are equal to total fixed costs plus total variable costs.
In the short run, all inputs are fixed inputs. A fixed cost is a cost that does not change as output changes. An indifference curve shows all possible equilibrium positions on an indifference map. A consumer is in equilibrium if she derives the same total utility from each good consumed.