You are studying with a friend, and your friend says "To maximize utility, a consumer must consume the combination of goods so that the marginal utility of good X equals the marginal utility of good Y
" Explain whether your friend's statement is correct or incorrect.
Your friend's statement is incorrect. To maximize utility, a consumer spends his or her entire budget and consumes the combination of goods and services so that the marginal utility per dollar from the goods is equal.
Economics
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The rate of unemployment is found by
A) dividing the number unemployed by the number of people in the labor force. B) dividing the number employed by the number of people in the labor force. C) dividing the number unemployed by the number employed. D) dividing the number employed by the number unemployed.
Economics
Explain the reasons for export pessimism in Latin American countries
What will be an ideal response?
Economics