At All Points on a Demand Curve, the I

question 62

Multiple Choice

At all points on a demand curve, the i. consumer's budget has been allocated to maximise total utility.
Ii) quantity is the quantity demanded at each price when total utility is maximised.
Iii) price represents the marginal benefit the consumer gets from an extra unit of a good.

• A) i only
• B) ii only
• C) i and ii
• D) i and iii
• E) i, ii, and iii

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Definitions:

Rewards

Benefits or positive feedback given for a specific behavior, encouraging repetition of such behavior.

Remarriage

The act of marrying someone again after being divorced or widowed from a previous spouse.

Stepparenting

The role or act of being a stepparent, which involves parenting a spouse's child(ren) from a previous relationship, without being their biological parent.

Age

A measure of the time an individual has existed from birth, often used to reference growing older and the associated physiological and mental developments or declinations.