When a consumer has chosen an optimal bundle of goods, this bundle maximizes marginal utility.
Answer the following statement true (T) or false (F)
False
Economics
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Describe the differences between capitalism and socialism
Economics
In a traditional economy, decisions about what to produce, how to produce, and who should get society's output are made by
a. the market b. the government c. repeating what was done in the past d. business firms e. nonprofit firms
Economics
Figure 3-16
Refer to . When the price is P1, producer surplus is
a.
A.
b.
C.
c.
A + B.
d.
C + D.
Economics
Draw the demand curve for a good whose price elasticity of demand is equal to zero. Be sure to label both axes. Explain what the graph represents.
What will be an ideal response?
Economics