Multiple Choice
A consumer has been buying 3 magazines and 2 books a month for many months. The price of books then increases. To attain a new optimum, the consumer will
A) buy more magazines because they are now relatively more valuable than they were before, while continuing to buy the same number of books.
B) buy more books because they are now relatively more valuable than they were before.
C) buy the same number of books and magazines as before because they provide different types of utility.
D) buy fewer books than before because they are relatively more expensive than they were before.
Correct Answer:
Verified
Correct Answer:
Verified
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