Multiple Choice
Utility is maximized when:
A) the marginal utility of every good consumed times its price is everywhere equal.
B) total outlays equal a varying budget and when the ratios of marginal utilities to prices are equal for all goods and services.
C) total outlays equal a given budget and the ratios of marginal utilities to prices are equal for all goods and services.
D) A and C occur.
Correct Answer:
Verified
Correct Answer:
Verified
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