The "all other things unchanged" assumption is useful because it:
A) states the main economic objectives.
B) is a vehicle for determining whether a particular outcome is "good" or "bad.".
C) helps to approximate real-world conditions.
D) helps to restrict analysis to the effect of a single economic factor.
Ans: D) helps to restrict analysis to the effect of a single economic factor.
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A) lottery B) majority rule C) contest D) first-come, first-served E) personal characteristics
If it costs $6.00 to go to the movies and $25.00 to go to a hockey game, Tom is maximizing his utility between movies and hockey if his marginal utility of movies is 12 units and his marginal utility from hockey is 50
Indicate whether the statement is true or false