Which of the Following Occur When a Person Maximizes Utility

question 345

Multiple Choice

Which of the following occur when a person maximizes utility? I. The marginal utility of each good bought is equal.
II) The highest level of utility is attained.
III) All of a person's budget is spent.

• A) I and II
• B) I and III
• C) II and III
• D) I, II and III

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Definitions:

Semantics

The study of meaning in language, including the analysis of words, phrases, sentences, and texts.

Morphemes

The smallest units of meaning in a language, which can be words themselves or parts of words, such as prefixes or suffixes.

Syntax

The set of rules, principles, and processes that govern the structure of sentences in a given language, especially the order of words.

Critical Period

A specific time during development when the presence or absence of certain experiences can have profound and irreversible effects on the development of the brain and behavior.