Multiple Choice
If the price of steak rises,a consumer who had been maximizing his or her utility before will buy less steak because its
A) total utility falls.
B) ratio of marginal utility to price is now less than that for other goods.
C) marginal utility has fallen.
D) ratio of marginal utility to total utility falls.
E) ratio of marginal utility to price is now larger than that for other goods.
Correct Answer:

Verified
Correct Answer:
Verified
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