Unit 2 Milestone-2

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CONCEPT → Consumer Choice: Budget Lines 5 Consider the budget line graph below. A choice of 3 Mexican meals and 5 Italian meals would be __________. RATIONALE The points on the budget line are the maximum consumption possibilities for the two goods, and so they are the best choices. Any combination of goods above the line is unattainable with the current resources. Report an issue with this question In microeconomics, the short run is a period of time __________.  ●   an unattainable choice ● a good choice ● a possible choice ● an ineﬃcient choice UNIT 2 — MILESTONE 2 23/27 

CONCEPT → Costs of Inputs 6 CONCEPT → Utility-Maximizing Rule 7 RATIONALE This is the definition of short run in microeconomics. Report an issue with this question If the marginal utility per the price of Good A is $2.40, and the marginal utility per the price for Good B is $2.50, what does the utility-maximizing rule tell you to do, if the budget allows it? RATIONALE Choose one more of the higher marginal utility per the price good, and keep comparing again until the marginal utility per the price for both goods is equal, or the budget runs out. Report an issue with this question The optimal choice of chicken meals and vegetarian meals for and in the diagram below is __________.  ●   ●   during which at least one of a firm’s inputs is fixed ● usually defined as less than 6 months ● usually defined as less than 1 year ● Purchase 1 more unit of Good A and compare again. ● Purchase 1 more unit of Good A and stop. ● Purchase 1 more unit of Good B and stop.  Purchase 1 more unit of Good B and compare again. UNIT 2 — MILESTONE 2 23/27 

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