With Respect to the Equimarginal Rule,a Person Will Maximize Utility

question 102

Multiple Choice

With respect to the equimarginal rule,a person will maximize utility when the

• A) total utility per dollar spent is equalized across products.
• B) marginal utility is equalized across products.
• C) total utility is equalized across products.
• D) marginal utility per dollar spent is equalized across products.

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Definitions:

Abstract Thinking

The ability to think about objects, principles, and ideas that are not physically present. It involves processing complex concepts, making generalizations, and understanding metaphors and analogies.

Sequential Intellectual Stages

Phases of cognitive development through which individuals progress, one after the other, each stage building upon the achievements of the previous ones.

Piaget

is associated with Swiss psychologist Jean Piaget, known for his pioneering work in the study of child development and cognitive psychology.

Conservation Concept

In cognitive development, the understanding that properties such as mass, volume, and number remain the same despite changes in the forms or appearances of objects.