In Order to Maximize Utility, a Consumer Should Allocate Money

question 418

Multiple Choice

In order to maximize utility, a consumer should allocate money income so that

• A) the marginal utility of the last unit of each product consumed is greater than the total utility of each product consumed.
• B) the total utility derived from each product consumed is the same.
• C) the marginal utility obtained from the last dollar spent on each product is the same.
• D) the elasticity of demand on all products purchased is the same.

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Definitions:

Net Income

The total earnings of a company after all expenses and taxes have been deducted from revenue.

Owner's Equity

The residual interest in the assets of an entity after deducting liabilities, representing the ownership interest in the company.

Owner's Drawings

The funds taken from the business by the owner for personal use, not considered as salary or wages.

Owner Drawings

Refers to the money or assets taken out of a business by the owner(s) for personal use.