Use the Following for Questions 61-69

question 235

Multiple Choice

Use the following for questions 61-69.

-(Exhibit: Consumer Equilibrium 1) Assume that the price of both goods is $1 per unit, and you consume 3 units of good X and 3 units of good Y.To maximize utility, assuming that the goods are divisible, you would consume:

• A) less of both X and Y.
• B) more of both X and Y.
• C) less of X and more of Y.
• D) more of X and less of Y.

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Definitions:

Conditional Probability

The probability that one event will occur on condition that another event occurs.

Six-Sided Dice

A cube-shaped object used in many games, which contains six faces numbered from 1 to 6, each face showing a different number of dots representing numbers.

Intuitive Judgment

The process of making decisions or reaching conclusions based on feelings and instincts rather than explicit reasoning.

Publishers Clearing House

A direct marketing company known for its magazine subscriptions and sweepstakes.