If Katie Purchases Two Slices of Pizza and Six Breadsticks

question 32

Multiple Choice

If Katie purchases two slices of pizza and six breadsticks to maximize her total utility,then

• A)a slice of pizza costs three times as much as a breadstick.
• B)her marginal utility from the second slice of pizza divided by the price of a slice of pizza is equal to her marginal utility from the sixth breadstick divided by the price of a breadstick.
• C)a breadstick costs three times as much as a slice of pizza.
• D)she spends more on pizza than she spends on breadsticks.
• E)her marginal utility from the second slice of pizza equals her marginal utility from the sixth breadstick.

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Definitions:

Baseball Game Ticket

A document or electronic card that grants the holder admission to a baseball game event.

Willingness to Pay

The maximum amount an individual is prepared to spend on a good or service, reflecting their valuation of it.

Consumer Surplus

The difference between the maximum price a consumer is willing to pay for a good or service and the actual price they do pay.

Market Forces

The natural factors of supply and demand that determine prices, production levels, and resource allocation in a freely competitive economy.