The Consumer Equilibrium Condition for Two Goods Is Achieved by Equating

question 95

Multiple Choice

The consumer equilibrium condition for two goods is achieved by equating the:

• A) marginal utility of one to the price of the other for the last dollar spent on each good.
• B) prices of both goods for the last dollar spent on each good.
• C) marginal utilities of both goods for the last dollar spent on each good.
• D) ratios of marginal utility to the price of both goods for the last dollar spent on each good.

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Definitions:

Older Adulthood

Older adulthood is a life stage typically beginning around the age of 65, characterized by retirement, changes in health status, and adjustments to social roles.

Marriage

A legally and socially sanctioned union between individuals that establishes rights and obligations between them.

Argue

The act of presenting reasons for or against a thing, often involving verbal exchange with another person.

Kid

Informally, refers to a child or young person; can also denote a young goat.