The price of a pound of sirloin steak is five times the price of a pound of ground beef. You are not in consumer equilibrium unless:
a. you consume five times as much ground beef as you do sirloin steak
b. you consume five times as much sirloin steak as you do ground beef.
c. the total utility you derive from consuming sirloin steak is five times the total utility you derive from consuming ground beef.
d. your marginal utility from the last pound of sirloin steak consumed is five times that of the last pound of ground beef consumed.
d
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What term is used to describe the lowest point of a business cycle?
A) peak B) trough C) expansion D) recession
The number of working days in a given year is constant for companies closed on weekends and federal holidays. That number is
a. 365 b. 250 c. 260 d. 253 e. 257
The BEST example of making a choice at the margin is:
A) buying a new car. B) quitting your job. C) a coffee drinker drinking another cup of coffee. D) attending college.
An oligopolist producing where MR > MC should lower its price and increase output to maximize its profits.
Answer the following statement true (T) or false (F)