To Determine Consumer Equilibrium We Need to Know Only

question 34

Multiple Choice

To determine consumer equilibrium we need to know only

• A)prices and income.
• B)total utility and income.
• C)marginal utility and income.
• D)prices,income,and marginal utility.
• E)prices and marginal utility.

---

Definitions:

Weighted-Average

A calculation that takes into account the varying degrees of importance of the numbers in a data set, often used in inventory valuation.

Equivalent Units

A concept in process costing that converts partially completed units into a number of fully completed equivalent units.

Conversion Costs

Costs incurred to convert raw materials into finished products, which include direct labor and manufacturing overhead.

Cost Reconciliation

The process of analyzing and adjusting the differences between the recorded costs and the actual costs.