Multiple Choice
Suppose the price of a soda is $2 each, the price of a hot dog is $3 each and the budget is $20. If the marginal utility of the fourth soda is 100 and the marginal utility of the fourth hot dog is 150, to maximize utility, a person will buy
A) 4 sodas and 4 hot dogs.
B) more hotdogs than 4 and fewer sodas than 4 because hot dogs provide more utility.
C) more sodas than 4 to increase their utility.
D) fewer sodas than 4 and more hot dogs than 4.
Correct Answer:
Verified
Correct Answer:
Verified
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