Assume MU_c and MU_d Represent the Marginal Utility That a Consumer

question 60

Multiple Choice

Assume MU_c and MU_d represent the marginal utility that a consumer gets from products C and D,the respective prices of which are P_c and P_d.The consumer will increase his total utility from a specific money outlay by spending more on C and less on D if initially:

• A)
• \[\mathrm { MU } _ { d } < \mathrm { MU } _ { c }\]
• B)
• \[\frac { \mathrm { MU } _ { c } } { P _ { c } } < \frac { \mathrm { MU } _ { d } } { P _ { c } }\]
• C)
• \[\frac { \mathrm { MU } _ { c } } { P _ { c } } > \frac { \mathrm { MU } _ { d } } { P _ { d } }\]
• D)
• \[\mathrm { MU } _ { d } > \mathrm { MU } _ { c }\]

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Definitions:

Cognitive Mapping

The process by which individuals mentally acquire, code, store, recall, and decode information about the relative locations and attributes of phenomena in their everyday or metaphorical spatial environment.

Cognitive Map

A mental representation of one's physical environment and spatial relationships between objects.

Gestalt

A theory or approach emphasizing the whole of anything is greater than its parts, and the mind's ability to generate perceptual wholes.

Skinner Response

A concept associated with B.F. Skinner, focusing on operant conditioning, where behavior is shaped by rewards or punishments.