Suppose a Consumer Really Likes Rutabagas and Likes Broccoli Fairly

question 152

Multiple Choice

Suppose a consumer really likes rutabagas and likes broccoli fairly well.Suppose the prices of both goods are $0.60 per pound and that the consumer is maximizing utility.We can conclude that:

• A) the marginal utilities of both goods are the same.
• B) the marginal utility of rutabagas is greater than the marginal utility of broccoli.
• C) the marginal utility of broccoli is greater than the marginal utility of rutabagas.
• D) the marginal utility of both goods is zero.

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Definitions:

Objective Rating Systems

Systems or methods used to evaluate or assess performance quantitatively, based on impartial and measurable criteria.

Evaluation

The systematic assessment of processes, systems, or organizations to measure performance, effectiveness, or value.

Rating Systems

Mechanisms or scales used to evaluate or grade a certain attribute or performance of entities, products, or services.

Supply Management

The strategic approach to planning, procuring, and managing a company's supplies and vendors to optimize efficiency and minimize costs.