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:

Principles Of European Contract Law

A set of guidelines aimed at harmonizing contract law across European countries to facilitate cross-border trade and cooperation.

Member States

Countries or regions that are part of a larger federation, union, or association and abide by its regulations and benefit from its provisions.

Mailbox Rule

A legal principle stating that an offer is considered accepted once the acceptance is dispatched, not when it is received by the offeror.

Acceptance

In contract law, it refers to the act of agreeing to the terms of an offer, thereby creating a binding contract.