If All Consumers in an Economy Have Maximized Their Utility,and

question 8

Multiple Choice

If all consumers in an economy have maximized their utility,and they face a given set of market prices,then each consumer will have identical

• A)total utilities for each good.
• B)consumption of each good.
• C)marginal utilities per unit of each good.
• D)marginal utilities for each good.
• E)ratios of marginal utility to price for each good.

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Definitions:

Experientially

Relating to or derived from experience or the process of learning through direct experience.

Metaphor

A figure of speech in which a term or phrase is applied to something to which it is not literally applicable in order to suggest a resemblance.

Moral Values

Fundamental beliefs about what is right and wrong, which act as guiding principles for behavior and decision-making in personal and social contexts.

Metaphoric Element

Components or aspects of speech, writing, or thought that use metaphor to convey meanings in a symbolic or associative manner.