If There Are Only Two Goods in the Economy, Chocolate

question 81

Multiple Choice

If there are only two goods in the economy, chocolate and peanut butter, and the price of chocolate falls, the new utility-maximizing bundle for a typical consumer would entail consuming _____ peanut butter and ______ chocolate.

• A) less; more
• B) more; less
• C) more; more
• D) less; less

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Definitions:

Global Database

A comprehensive collection of data or information accessible from multiple countries, often used for research, analysis, or business intelligence.

Surplus Materials

Excess resources or goods that are available after satisfying the planned demand or requirement.

Scrap Disposal

The process of removing, processing, and recycling waste materials generated during manufacturing or consumption.

Investment Return

The profit or loss on an investment over a specified period, expressed as a percentage of the investment's cost.