The consumer optimum is the set of goods and services, subject to the limited income of the consumer, that
A) the consumer can afford to buy.
B) is characterized by zero marginal utility on each good and service.
C) maximizes the level of satisfaction for each consumer.
D) is characterized by increasing marginal utility.
Answer: C
Economics
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The law of supply states that, holding other factors constant, as price increases
a. Quantity supplied increases b. Quantity supplied decreases c. Quantity demanded increases d. Quantity demanded decreases
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