While Making a Purchase Decision,a Buyer Should Buy the Good

question 183

Multiple Choice

While making a purchase decision,a buyer should buy the good that yields the highest ________.

• A) marginal benefit per dollar spent
• B) average benefit plus marginal benefit per dollar spent
• C) total utility per dollar spent
• D) average benefit per dollar spent

Understand the distinction between variables and constants in economic analysis.

Comprehend the basics of economic modeling and its purpose.

Grasp the concept and importance of econometrics in economics.

Recognize the core topics of macroeconomics and microeconomics.

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Definitions:

Supply Curve

A graphical representation of the relationship between the price of a good and the quantity of that good that suppliers are willing to produce and sell.

Demand To Supply

This term reflects the relationship and balance between consumer demand for goods and services and the supply provided by producers.

Decrease In Supply

A reduction in the total amount of a good or service that is available to consumers, often leading to higher prices.

Equilibrium Price

The price at which the quantity of a product offered is equal to the quantity of the product demanded, leading to a balance in the market.