In Order to Reach Consumer Equilibrium, How Must a Consumer

question 17

Multiple Choice

In order to reach consumer equilibrium, how must a consumer allocate their income?

• A) in such a way that the total utility per dollars worth of any good is the same for every good
• B) in such a way that the marginal utility per dollars worth of any good is the same for every good
• C) in such a way that the total utility per dollars worth of any good is higher for necessities
• D) in such a way that the marginal utility per dollars worth of any good is higher for necessities

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Definitions:

Administrator

The personal representative appointed by a probate court to settle the estate of a deceased person who died intestate (without leaving a valid will).

Decedent

A legal term used to refer to a person who has died, especially concerning their estate or possessions left behind.

Executor

A person named in a will who is charged with managing the estate of the deceased, ensuring that their wishes are carried out according to the will.

Legal Heir

is a person who is legally entitled to inherit assets from the estate of a deceased person, either through a will or through intestate succession laws.