Sergio consumes only beef and snails and is maximizing his utility. If the price of beef is less than the price of snails, then we definitely know that
A) Sergio buys more beef than snails.
B) Sergio buys more snails than beef.
C) the marginal utility from the last pound of beef purchased is greater than the marginal utility from the last pound of snails purchased.
D) the marginal utility from the last pound of snails purchased is greater than the marginal utility from the last pound of beef purchased.
D
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Potential GDP focuses on the:
A) long-run supply side of the economy. B) long-run demand side of the economy. C) short-run supply side of the economy. D) short-run demand side of the economy.
An increase in the saving rate results in a higher steady state ________
A) growth rate of capital B) growth rate of output per worker C) level of consumption per worker D) level of capital per worker
A decrease in the price level
A) shifts the AD curve to the right.
B) shifts the AD curve to the left.
C) causes an upward movement along the existing AD curve.
D) causes a downward movement along the existing AD curve.
E) none of the above
If a monopoly's demand curve shifts to the right, the
A) monopoly will charge a higher price. B) monopoly will charge a lower price. C) monopoly will sell more. D) monopoly's decision cannot be determined.