Nikolai Enjoys Eating Sandwiches That Have One Slice of Meat

question 12

Multiple Choice

Nikolai enjoys eating sandwiches that have one slice of meat and two slices of cheese. Which set of market bundles provides Nikolai with the highest level of utility?

• A) 4 slices of meat and 4 slices of cheese
• B) 3 slices of meat and 6 slices of cheese
• C) 2 slices of meat and 2 slices of cheese
• D) 1 slice of meat and 2 slices of cheese

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Definitions:

Substitute

A good or service that can be used in place of another, allowing consumers to switch between them based on price, preference, or availability.

Equilibrium

A situation where the supply and demand in the market are equal, leading to stable prices.

Margarine

A spread used as a substitute for butter, made from vegetable oils or animal fats.

Producer Surplus

The difference between what producers are willing to sell a good for and the price they actually receive.