The table above shows Tom's total utility from milkshakes and sodas. Tom's total budget for milkshakes and sodas is $20.00 per week. Milkshakes cost $2.00 each and sodas cost $1.00 each
What quantity of sodas does Tom purchase at his consumer equilibrium? A) five
B) six
C) seven
D) eight
B
You might also like to view...
The election campaign of George Bush to succeed Ronald Reagan as president was
A. hindered due to high levels of unemployment in 1988. B. hindered by the increasing inflationary problems of the late 1980s. C. helped by the budget surpluses generated in the last years of the Reagan administration. D. helped by the continuing low levels of unemployment and inflation in 1988.
The ability to produce a good at a lower opportunity cost than others is known as
A. specialization. B. absolute advantage. C. comparative advantage. D. marginal cost production.
The mainstream view is that macro instability is caused by:
A. erratic growth of the nation's money supply. B. government interference in the economy. C. significant changes in investment spending. D. consumption "booms" and "busts."
According to the Lucas supply function, the economy will produce ________ output when prices are unexpectedly ________ than when prices are at their expected level.
A. the same; lower B. the same; higher C. more; higher D. less; higher