Which of the Following Equations Corresponds to an Optimal Choice

question 495

Multiple Choice

Which of the following equations corresponds to an optimal choice point? (i)
MRS = P_X/P_Y
(ii)
MU_X/MU_Y = P_X/P_Y
(iii)
MU_X/P_X = MU_Y/P_Y
(iv)
MU_X/P_Y = MU_Y/P_X

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

---

Definitions:

Fundamental Attribution Error

The tendency to attribute others' behaviors to their character or personality while underestimating situational factors.

Milgram's Study

A series of social psychology experiments conducted by Stanley Milgram, which measured the willingness of participants to obey an authority figure who instructed them to perform acts conflicting with their personal conscience.

Methodological Weaknesses

Refers to limitations or flaws in the design, execution, or conceptual framework of a research study that can affect its reliability or validity.

Real-Life Application

Real-Life Application refers to the utilization of theoretical knowledge or concepts in practical, everyday situations.