John and Sally have identical preferences except that Sally's utility is exactly 10 times John's for each basket of goods. If they have the same income and face the same prices
A) Sally will consume 10 times the amount that John consumes.
B) Sally will receive 1/10 the satisfaction of John.
C) both will consume the same amount of all goods.
D) John and Sally will have equal total utility.
C
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What are the likely effects of a U.S. antidumping duty on imported steel?
a. The U.S. terms of trade will improve and U.S. steel imports will rise. b. The U.S. terms of trade will worsen and U.S. steel imports will rise. c. The foreign price of steel will rise and the United States will avoid deadweight losses. d. The U.S. price of steel will rise and the United States will suffer deadweight losses.
Which of the following is the smallest portion of the market basket of goods that makes up the CPI?
A) food and beverages B) apparel C) transportation D) housing