A consumer with a fixed income will maximize utility when Och good is purchased in amounts such that the: a. marginal utility of each good is maximized. O b. marginal ut ility per dollar spent is maximized for each good. marginal utility per dollar spent is the same for all goods. O C. O d. total utility is the same for each good.

A consumer with a fixed income will maximize utility when Och good is purchased in amounts such that the: a. marginal utility of each good is maximized. O b. marginal ut ility per dollar spent is maximized for each good. marginal utility per dollar spent is the same for all goods. O C. O d. total utility is the same for each good.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 10RQ: What is the rule relating the ratio of marginal utility to prices of two goods at the optimal...

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