The goal of the consumer in a market economy is to use his or her limited income to buy
A. The goods and services that maximize profits for businesses.
B. The greatest number of goods and services possible.
C. The set of goods and services that maximizes the consumer's total utility.
D. Those goods and services with the lowest prices.
Answer: C
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Ramen noodles were hotter than ever in 2010. Considered a bargain meal for cash-starved college students... in 2010, 4 billion individual packets were devoured in the United States, a 4 percent increase over 2006
If once college students graduated, they stopped eating ramen, would ramen be considered a normal or inferior good? A) inferior because students only eat ramen when income is low B) normal because students only eat ramen when income is low C) inferior because students only eat ramen when income is high D) normal because students only eat ramen when income is high
Over the air television signals are ____________ ; television signals available through cable are
a. Public goods, public goods b. Public goods, common property resources c. Private goods, private goods d. Common property resource, private goods
A profit-maximizing firm in a monopolistically competitive market is characterized by which of the following?
a. average revenue exceeds marginal revenue b. marginal revenue equals marginal cost c. price exceeds marginal cost d. All of the above are correct.
The quantity theory of money seeks to explain the connection between money and
A) interest rates. B) unemployment. C) output. D) prices.