The Price of a Pound of Sirloin Steak Is Five

question 51

Multiple Choice

The price of a pound of sirloin steak is five times the price of a pound of ground beef.You are not in consumer equilibrium unless:

• A) you consume five times as much ground beef as you do sirloin steak.
• B) you consume five times as much sirloin steak as you do ground beef.
• C) the total utility you derive from consuming sirloin steak is five times the total utility you derive from consuming ground beef.
• D) your marginal utility from the last pound of sirloin steak consumed is five times that of the last pound of ground beef consumed.

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Definitions:

Collectivism

A cultural orientation prioritizing the goals and well-being of the group over the individual, emphasizing interdependence, cooperation, and social harmony.

Fundamental Attribution Error

The tendency for observers to attribute other people's behavior to internal or dispositional factors and to downplay situational factors.

Overjustification Effect

The phenomenon where introducing an external incentive for an already internally motivated activity reduces intrinsic motivation.

Materially Breached

The violation of a contract that is so substantial it significantly impacts the contract's purpose, justifying the other party's termination of the agreement.