Ignoring all other goods, if Yong's marginal utility per pound of bread is 10 utils and per pound of cheese is 30 utils, his
a. total utility would be maximized if the price per pound of cheese is triple the price per pound of bread
b. total utility could be increased by buying more bread and less cheese
c. total utility could be increased by buying more cheese and less bread
d. total utility would be maximized if the price per pound of cheese is one-third the price per pound of bread
e. marginal utility would be maximized if the price per pound of cheese is one-third the price per pound of bread
A
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A) horizontal, horizontal B) downward sloping, horizontal C) downward sloping, downward sloping D) horizontal, downward sloping
When the government restricts the quantity of a good to zero
A) an underground market develops. B) there is none of the good available anywhere. C) people's demand for the product evaporates. D) producers stop all production.