Question : Statement 1: The slope of the budget line represents the relative price of two goods.

Statement 2: The consumer achieves equilibrium when the marginal rate of substitution is equal to the relative price of the goods.

Question : Statement 1: The consumer achieves equilibrium when the marginal utility per dollar spent is equal for all goods.

Statement 2: At equilibrium, the consumer maximizes their total utility within the constraints of their budget.

Question : Statement 1: The concept of consumer equilibrium assumes that the consumer has perfect information about prices and product attributes.

Statement 2: The consumer's equilibrium is based on rational decision-making and the pursuit of maximum satisfaction.

Question : Statement 1: A consumer achieves equilibrium by consuming equal quantities of all goods.

Statement 2: The concept of consumer equilibrium assumes that the consumer's goal is to maximize their total utility.

Question : Statement 1: The concept of consumer equilibrium can occur at multiple points of tangency between the budget line and indifference curves.

Statement 2: The consumer can achieve the same level of utility by choosing different combinations of goods that are equally