The consumer maximizes his total utility (measured in money terms) when, at his chosen quantity of every good he buys, marginal utility
a. equals zero.
b. divided by price equals zero.
c. equals price.
d. equals total utility.
c
Economics
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Which of the following is not an example of intermediate goods or services?
a. Steel used in the manufacture of cars b. Pizzas bought at a restaurant c. Legal services hired by a public accounting firm d. Glass used to manufacture sunglasses e. Vegetables used by a restaurant
Economics
Consider the production possibilities frontier in the figure shown. As more and more cigars are produced the opportunity cost of producing more cigars:
A. decreases.
B. stays the same.
C. increases.
D. decreases then increases.
Economics