The Expression 5 / 2 Evaluates to

question 4

Multiple Choice

The expression 5 / 2 evaluates to

• A) 1
• B) 2
• C) 2.5
• D) 5.2
• E) 10

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Definitions:

Utility Function

A mathematical representation that ranks various bundles of goods according to the levels of satisfaction they provide to the consumer.

Competitive Equilibrium

A market situation where supply equals demand, ensuring no economic profit for firms in perfect competition.

Perfect Complements

Goods that are consumed together in fixed proportions, where the utility derived from consuming the combination is greater than the sum of utilities from consuming the goods separately.

Pure Exchange Economy

An economic model where there is no production, and agents trade endowments of goods that they own initially.