QUESTION 32 The optimal consumption point in an economy with two goods A and B is where: O a. The marginal utility of product A over its price is equal to the marginal utility of product B over its price O b. the marginal rate of substitution of both goods is equal O c. The price of good A is equal to the price of B O d. The marginal utility of product A is equal to the marginal utility of product B

QUESTION 32 The optimal consumption point in an economy with two goods A and B is where: O a. The marginal utility of product A over its price is equal to the marginal utility of product B over its price O b. the marginal rate of substitution of both goods is equal O c. The price of good A is equal to the price of B O d. The marginal utility of product A is equal to the marginal utility of product B

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Consumer Choice And Demand

Section: Chapter Questions

Problem 2.5P

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Submit All Question 26 of 60 Suppose the price of mobile apps increases. As a result, Khalil decreases the number of mobile apps he purchases. This will lead to O higher marginal utility from the last mobile app purchased. O lower marginal utility. O no change in total utility for each mobile app purchased. O an increase in total utility for each mobile app purchased. Activate Windows Go to Setti To activa Show all 7:22 PM 12/9/2021 APTOP LOGIN USERNAME Student t PASSWORD: Broward
If two goods are substitutes, then O an increase in the price of one causes the demand for the other to fall. O there is an inverse relationship between changes in the price of one good and changes in the demand for the other. O if the price of one good falls, the demand for the other good falls also. O changes in the quantity demanded of one good will not affect the demand for the other.
MCQ QUESTION! may i ask how did u get the answer?
QUESTION 4 Diminishing marginal utility provides an explanation for the slope of the demand curve. O True O False QUESTION 5 Diminishing marginal utility provides a theory of consumer behavior. O True O False QUESTION 6 If total utility is increasing, marginal utility must be increasing. O True O False
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A consumer with a fixed income will maximize utility when Och good is purchased in amounts such that the: O 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 d. total utility is the same for each good.
Evelyn loves to eat chocolate. However, every piece of chocolate that Evelyn eats provides her with less total utility. What can we conclude about Evelyn's utility from this information? O Her marginal utility is negative. Her marginal utility is constant. O Her marginal utility is diminishing. Her marginal utility is increasing.
Question 11 The marginal rate of substitution between two goods always equals the O price of one good divided by the price of the other marginal utility of one good divided by the marginal utility of the other good O marginal utility of one times the marginal utility of the other O All of the above are correct
Which of the following is true about utility? O Utility same for all the consumers O Utlity is subjective Utility for a good is constant O Utlity is same as usefulness
In the short-run production period with one variable input (labor), when the average product of labor (APL) is increasing the marginal product of labor (MPL) must be; O a. more than APL. O b. decreasing. O c. will be less than APL. O d. increasing.