Multiple Choice
Joe is maximizing utility by consuming three colas at $2 apiece and four hot dogs. The last cola gave him 200 units of utility, and the last hot dog gave him 300 units of utility. The price of each hot dog is:
A) $3.00.
B) $1.50.
C) $1.00.
D) $0.50.
Correct Answer:
Verified
Correct Answer:
Verified
Q53: A rational consumer maximizes his or her:<br>A)
Q54: Refer to the graphs shown, which show
Q55: Suppose that a haircut will give Dawn
Q56: The absolute value of the slope of
Q57: The principle of diminishing marginal utility says
Q59: If the price of one can of
Q60: Behavioral economics:<br>A) tests the underlying economic assumptions
Q61: Economists focus on self-interest in explaining choices
Q62: The underlying psychological foundation of individual choice
Q63: Economists have been interested in the following