The Utility-Maximization Condition for Two Goods Is Achieved by Equating

question 218

Multiple Choice

The utility-maximization condition for two goods is achieved by equating the:

• A) prices of both goods.
• B) marginal utilities of both goods.
• C) ratios of total utility to price of both goods.
• D) ratios of marginal utility to price of both goods.

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Definitions:

Fixed By The Age

This term suggests that certain psychological traits, behaviors, or patterns are established and solidified by a specific age in human development.

Social And Environmental Forces

External factors that influence individuals' behavior, beliefs, and personality development, including societal norms and physical surroundings.

Techniques Of Learning

Various methods or strategies employed to facilitate the acquisition of knowledge, skills, or understanding.

Historical Forces

Factors or influences from the past that shape the direction of societal development or individual behavior.