Over the long term, the ultimate determinant of the price of a depletable resource is the

Normally, both buyers and sellers of a good become worse off when the good is taxed

a. True b. False Indicate whether the statement is true or false

Assume that an individual consumes two goods, X and Y. The total utility (assumed measurable) of each good is independent of the rate of consumption of other goods. The prices of X and Y are, respectively, $5 and $10. Given the above, if the consumer has $110 to spend on X and Y, which combination will the consumer choose?

A. 7X and 7Y  B. 8X and 7Y C. 6X and 8Y D. 7X and 6Y E. 5X and 4Y