When Chris Maximises His Total Utility, Then His Entire Available

question 61

Multiple Choice

When Chris maximises his total utility, then his entire available budget is allocated in such a way that the

• A) marginal utility is as large as possible for goods.
• B) quantities consumed of each good are equal.
• C) marginal utility per dollar is equal for all goods.
• D) marginal utility will start decreasing if he consumes fewer goods.
• E) marginal utility of all goods is equal.

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Definitions:

Decision Process

The sequence of cognitive steps taken by individuals or groups in selecting among alternatives to make a decision.

Traveling

The act of moving from one place to another, which can be for various purposes including leisure, business, or exploration.

Automobile

A wheeled motor vehicle used for transportation, typically powered by an internal combustion engine or electric motor, designed to carry a small number of people.

Problem Solving

The process of identifying, analyzing, and resolving issues through logical thinking, creativity, and decision-making strategies.