If the price of X and Y are $2 and $4 per unit, respectively, to maximize total utility this consumer should buy:
A) 1 units of X and 1 units of Y.
B) 2 units of X and 2 units of Y.
C) 1 units of X and 2 units of Y.
D) 5 units of X and no units of Y.
Ans: C) 1 units of X and 2 units of Y.
You might also like to view...
Land is an example of a renewable resource
Indicate whether the statement is true or false
Which of the following statements best describes equilibrium?
a. The area above the point where the supply curve (S) and the demand curve (D) cross is called the equilibrium. b. The area below the point where the supply curve (S) and the demand curve (D) cross is called the equilibrium. c. The point where the supply curve (S) and the demand curve (D) cross is called the equilibrium. d. Any point above where the supply curve (S) and the demand curve (D) cross is called the equilibrium.
Asarta Inc. is polluting into the nearby aquifer and the citizens of Buttersville demand that this be cleaned up. If the benefit to cleaning up the aquifer is estimated to be about $133,000 and the cost is estimated at $130,000 will the aquifer get cleaned?
A. Yes, because the benefit is high. B. No, because the costs outweigh the benefits. C. Yes, because the benefits outweigh the costs. D. Uncertain, with the information given.
As of 2015, approximately what percentage of U.S. firms are sole proprietorships?
A. 84 percent. B. 50 percent. C. 72 percent. D. 18 percent.