Suppose for a Consumer the Marginal Utility (MU) of Bread

question 143

Multiple Choice

Suppose for a consumer the marginal utility (MU) of bread is 20 utils and the MU of milk is 10 utils; the price of bread is $3 and the price of milk is $1. Given this,

• A)more utility per dollar is gained from consuming bread than milk.
• B)more utility per dollar is gained from consuming milk than bread.
• C)the same amount of utility per dollar is gained from consuming milk as bread.
• D)the consumer is in consumer equilibrium.

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Definitions:

Typology Systems

Classification schemes that categorize individuals or things based on common characteristics.

Personality Category

A classification used to describe and group individuals based on common personality traits or characteristics.

Classification

The systematic process of organizing and categorizing entities based on shared characteristics or principles.

Cardinal Trait

A characteristic or feature that is so dominant in an individual's personality that it influences nearly all of their actions and attitudes.