If a Consumer's Marginal Utility Was 10 Utils Per Unit

question 84

Multiple Choice

If a consumer's marginal utility was 10 utils per unit of meat and 5 utils per unit of potatoes:

• A)the consumer should purchase less potatoes and more meat to maximize his satisfaction.
• B)the consumer would be in equilibrium if the per-unit price of meat was twice the price of potatoes.
• C)the consumer would be in equilibrium if the price per unit of meat was half the price of potatoes.
• D)the consumer's total utility could be increased by consuming more potatoes and less meat until the marginal utilities of the two goods were equal.

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Definitions:

Evolutionistic Theoretical Approach

An approach in various disciplines that uses concepts of evolution to explain changes and developments, suggesting that entities progress through a series of gradual changes.

Religious Beliefs

Systems of faith and worship; the conviction in the existence of a higher power or powers.

Fundamentalism

A strict adherence to specific theological doctrines typically in a reaction against modernist theories, often associated with a literal interpretation of religious texts.

Reactionary

A political viewpoint that advocates for the restoration of previous political, social, or economic conditions.