A Consumer Maximizes Total Utility When All Available Income Is

question 3

Multiple Choice

A consumer maximizes total utility when all available income is spent and the

• A) marginal utility from each good is equal for all goods.
• B) marginal utility per dollar from each good is equal for all goods.
• C) dollars spent on the last unit of each good are equal for all goods.
• D) total utility from all goods purchased is equal.

---

Definitions:

Federal Statute

A law enacted by the national government that applies across the entire country.

Provincial Statute

A law or act passed by the legislative body of a province or territory.

Vicarious Liability

The legal responsibility of an entity for the actions of another person, typically in employer-employee relationships.

Strict Liability

A legal doctrine where a party is responsible for damages or loss, not based on fault or negligence, but because they are inherently responsible for a specific outcome.