Steve Is in a Consumer Equilibrium

question 99

Multiple Choice

Steve is in a consumer equilibrium. Then, the price of steak increases from $6 a pound to $8 a pound. Steve decreases the number of pounds of steaks he buys each week

• A) and decreases his total utility.
• B) only if his income also decreases.
• C) so that the marginal utility per dollar spent on steaks is the same as it was when the price was $6 a pound.
• D) so that both his total utility and his marginal utility from steak fall.

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Definitions:

Institutional Discrimination

The unjust and discriminatory mistreatment of an individual or group by society and its institutions, either overtly or covertly.

Individual Discrimination

Prejudice or discriminatory actions carried out by an individual or small group directly towards another person or group based on race, sex, age, or other characteristics.

Difference

In sociology, difference often refers to the distinction or disparity between social groups based on attributes like race, gender, class, or ethnicity.

Color-Blind Racism

A form of racism that ignores racial diversity and promotes the view that all individuals are treated equally, disregarding systemic and historical inequalities.