Solved

Suppose a Utility- Maximizing Person Consumes Only Two Goods, Hamburgers

Question 27

Multiple Choice

Suppose a utility- maximizing person consumes only two goods, hamburgers and milkshakes. Suppose the price of milkshakes rises and all other variables remain constant. As a result, this person will certainly


A) reduce his/her consumption of both milkshakes and hamburgers.
B) not increase his consumption of both milkshakes and hamburgers.
C) purchase more milkshakes and fewer hamburgers.
D) increase his/her consumption of milkshakes.
E) consume more hamburgers and the same amount of milkshakes.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions