Suppose That the Ratio of Marginal Utility to Price for Good

question 55

Multiple Choice

Suppose that the ratio of marginal utility to price for good is 10,and the ratio of marginal utility to price for good is 5.Assume that for her current consumption of goods and the consumer is experiencing diminishing marginal utility for each good.In order for this consumer to be at her utility maximizing point,she should

• A) consume less and more .
• B) consume more and less .
• C) consume more and more .
• D) do nothing - the consumer is already in equilibrium.

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Definitions:

Placebo Effect

The situation where participants’ expectations, rather than the experimental treatment, produce an experimental outcome.

Vitamin Pill

A dietary supplement in pill form that contains vitamins, used to provide nutrients that may not be consumed in sufficient quantities.

Reinforcement Schedules

The pattern according to which rewards are given in operant conditioning, influencing how quickly and robustly a behavior is learned.

Aversive Conditioning

A form of behavioral training where a negative stimulus is associated with undesirable behavior to reduce or eliminate that behavior.