With Respect to Consuming Food and Shelter,two Consumers Choose the Same

question 129

Multiple Choice

With respect to consuming food and shelter,two consumers choose the same bundles and both claim to be in equilibrium.We therefore know that

• A)they both have the same MRS of food for shelter.
• B)they both face the same prices.
• C)they both face the same budget lines.
• D)None of above.

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Definitions:

Incomes

The money received by an individual or organization, typically on a regular basis, for work, through investments, or from benefits.

Cultural Backgrounds

The cultural experiences, practices, languages, values, and worldviews that shape an individual's identity and perceptions, influenced by the society and community they are raised in.

Poverty

Poverty is a state or condition in which a person or community lacks the financial resources and essentials for a minimum standard of living.

Races

Socially constructed categories that classify humans based on physical characteristics, ancestry, historical affiliations, or cultural aspects.