Multiple Choice
A consumer maximizes total utility from a given amount of income when the
A) Marginal utility obtained from the last dollar spent on each good is the same.
B) Marginal utility of the last unit of each good is the same.
C) Total utility obtained from each product is the same.
Correct Answer:
Verified
Correct Answer:
Verified
Q8: If marginal utility is negative,then<br>A)Total utility will
Q11: Assume that Anna buys peanut butter and
Q16: In the article "Men vs.Women: How They
Q18: If marginal utility is rising,then total utility
Q22: Consumer theory predicts that a consumer will
Q25: Two indifference curves can cross one another.
Q57: Using the concept of the budget constraint
Q76: Price discrimination occurs when consumers have only
Q92: Economists focus on the effect of changes
Q96: Utility maximization is always achieved where total