As Long as the Marginal Utility Per Dollar from Pizza

question 176

Multiple Choice

As long as the marginal utility per dollar from pizza is greater than the marginal utility per dollar from soda, then to maximize utility a consumer will buy

• A) more soda to equalize the marginal utility per dollar between soda and pizza.
• B) less pizza and less soda.
• C) more pizza and less soda.
• D) equal amounts of pizza and soda.

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Definitions:

Ecological Validity

The extent to which the findings of a study can be applied to and represent real-world settings and behaviors outside the context of the study itself.

Real World

The actual physical world and society as they exist, rather than a fictional or idealized environment.

Cognitive Revolution

The Cognitive Revolution refers to a paradigm shift in psychology during the late 1950s and early 1960s that emphasized the study of internal mental processes, such as thinking, decision making, language, and problem solving.

Computer

An electronic device designed to perform computations, process data, and execute programs.