Steve buys Pepsi at $.60 per can and orange juice at $1.20 per can. In consumer equilibrium,
a. orange juice would yield a higher marginal utility per dollar spent than Pepsi would
b. he will consume twice as much Pepsi as orange juice
c. he will consume more orange juice than Pepsi
d. total utility from orange juice is twice that from Pepsi
e. his last can of orange juice would generate a higher marginal utility than his last can of Pepsi
E
You might also like to view...
The total revenue curve of a monopolist:
A) is positively sloped when marginal revenue is negative. B) is negatively sloped when marginal revenue is negative. C) is positively sloped when the marginal revenue curve is upward sloping. D) is negatively sloped when the marginal revenue curve is downward sloping.
The product approach to measuring GDP values government production at
A) market prices. B) its cost of production. C) its estimated value to society. D) the total amount of taxes it collects.