Joseph Chooses a Combination of Apples and Oranges Along His

question 172

Multiple Choice

Joseph chooses a combination of apples and oranges along his budget line.The marginal rate of substitution of apples in place of oranges is 2, the price of an apple is $0.50, and the price of an orange is $0.50.Joseph:

• A)is maximizing total utility.
• B)should consume more apples and fewer oranges to maximize total utility.
• C)should consume fewer apples and more oranges to maximize total utility.
• D)may or may not be maximizing total utility.

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Definitions:

Multisided Market

A platform or market that facilitates interactions between two or more distinct but interdependent groups of customers.

Shopping Center

A complex or area that houses multiple retail stores, services, and often includes food establishments, designed for consumers to shop at multiple locations in one vicinity.

Business Model

A strategic plan outlining how a company creates, delivers, and captures value, in economic, social, cultural, or other contexts.

Core Areas

Essential, fundamental regions or segments within a field of study, organization, or project.