In Deciding What to Buy, the Consumer Will Choose the Good

question 335

Multiple Choice

In deciding what to buy, the consumer will choose the good with the

• A)highest marginal utility.
• B)lowest price.
• C)highest marginal utility-to-price ratio.
• D)lowest marginal utility-to-price ratio.

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Definitions:

Longitudinal

A type of study in which data from the same subjects is gathered for a prolonged period of time to observe changes or outcomes.

Cross-Sectional

In research, a study that examines a population or a phenomenon at a single point in time, allowing for snapshot comparisons.

Centration

A cognitive limitation in early childhood thinking, where a child focuses on one aspect of a situation, neglecting other important features.

Piaget

A Swiss psychologist known for his pioneering work on the development of children's cognitive abilities through stages.