Multiple Choice
Assume that a person is consuming the utility-maximizing quantities of pork and chicken.We can conclude that:
A) the price of pork equals the price of chicken.
B) the marginal utility of pork equals the marginal utility of chicken.
C) the ratio of the marginal utility to price is the same for pork and for chicken.
D) both A and B are true.
Correct Answer:
Verified
Correct Answer:
Verified
Q159: If total utility increases from 10 to
Q160: If a consumer purchases a combination of
Q161: Assume that the total utilities corresponding to
Q162: Assume that as the price of cauliflower
Q163: The change in a consumer's consumption of
Q165: A budget line is based on a
Q166: If the combination of two goods is
Q167: The law of diminishing marginal utility:<br>A) is
Q168: A budget line is based on given:<br>A)
Q169: Which of the following statements most fully