What is a reference point?
A) the value of a good on the black market
B) the point from which an individual makes a consumption decision
C) a subjective valuation of a good
D) the minimum price that an individual would sell a good that she currently owns
E) none of the above
B
Economics
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________________: Value to a particular individual (investor).
Fill in the blank(s) with the appropriate word(s).
Economics
Consuming goods until the ratio of marginal utilities of the goods is equal to the ratio of their prices is consistent with maximizing total utility
a. True b. False
Economics