A consumer's satisfaction or utility is maximized when which of thefollowing the following conditions are met?O The consumer gets the most utility for the least cost.O The Marginal Rate of Substitution is equal to the Relative Price.O The budget line is maximized.The consumer spends all her budget.

We know that, When a consumer maximize his satisfaction from their economic decision it represents…

A consumer's satisfaction or utility is maximized when which of th following the following conditions are met? The consumer gets the most utility for the least cost. The Marginal Rate of Substitution is equal to the Relative Price. O The budget line is maximized. O The consumer spends all her budget.

A consumer's satisfaction or utility is maximized when which of th following the following conditions are met? The consumer gets the most utility for the least cost. The Marginal Rate of Substitution is equal to the Relative Price. O The budget line is maximized. O The consumer spends all her budget.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

A consumer's satisfaction or utility is maximized when which of the
following the following conditions are met?
O The consumer gets the most utility for the least cost.
O The Marginal Rate of Substitution is equal to the Relative Price.
O The budget line is maximized.
The consumer spends all her budget.

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