Solved

If Two Goods,"x" and "Y",are Perfect Substitutes,then Which of the Following

Question 92

Multiple Choice

If two goods,"x" and "y",are perfect substitutes,then which of the following best represents the utility function for the two goods?


A) U = x + y
B) U = x ∗ y
C) U = If two goods, x and y ,are perfect substitutes,then which of the following best represents the utility function for the two goods? A) U = x + y B) U = x ∗ y C) U = + D) Any of the above. + If two goods, x and y ,are perfect substitutes,then which of the following best represents the utility function for the two goods? A) U = x + y B) U = x ∗ y C) U = + D) Any of the above.
D) Any of the above.

Correct Answer:

verifed

Verified

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

Related Questions

Q13: The assumption of completeness means that<br>A)the consumer

Q22: The slope of the budget line represents

Q31: If the prices of both goods and

Q52: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6808/.jpg" alt=" -Max has allocated

Q54: Utility is the set of numerical values

Q63: The fact that consumers often react more

Q90: Show that the utility functions V(X,Y)= XᵃY¹⁻ᵃ

Q98: Explain the difference between the marginal rate

Q120: If the consumer's income increases while the

Q122: Explain why most indifference curves are convex.