If the Consumer Is Willing to Give Up 3 Units

question 12

Multiple Choice

If the consumer is willing to give up 3 units of food (vertical axis) in exchange for one unit of shelter (horizontal axis) and food is priced at 10 and shelter at 20, then the consumer is

• A)Purchasing too much food for utility maximization
• B)Purchasing too much shelter for utility maximization
• C)Purchasing just the right amount of each good for utility maximization
• D)Purchasing less than the budget would allow

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Definitions:

Managerial Skill

A set of abilities and talents that an individual possesses to effectively manage or lead a team or organization.

Organizational Strategy

A comprehensive plan outlining how a company will achieve its goals and improve its competitive position.

Competitive Global Environment

The dynamic and challenging context in which businesses operate, characterized by competition across geographical boundaries.

Katz

Refers to Robert L. Katz, who is recognized for his work on the three essential managerial skills: technical, human, and conceptual.