Renee consumes pizza and rice. An increase in her income causes her to consume fewer pizzas and more rice. The change in pizzas consumed means that
A) her total utility from consuming pizzas had been negative.
B) her marginal utility from consuming pizzas had been negative.
C) her marginal utility from consuming pizzas had been zero.
D) pizza is an inferior good for Renee.
D
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In the one-input model, profit is always maximized where marginal revenue product is equal to the input price.
Answer the following statement true (T) or false (F)
What is a welfare state?
What will be an ideal response?
A currency's spot exchange rate against every other individual currency is known as a ________ exchange rate, and the exchange rate which shows how a currency is changing relative to a group of other countries' currencies is known as a ________
exchange rate. A) nominal; real B) unilateral; bilateral C) nominal; parity D) bilateral; multilateral
The total utility of a consumer diminishes whenever:
a. he or she buys an additional unit of a good. b. his or her marginal utility decreases. c. his or her total utility increases at a decreasing rate. d. the last unit consumed of a particular good is distasteful or provides dissatisfaction. e. other consumers are also purchasing the product.