Refer to the Following Table to Answer the Following Questions

question 1

Multiple Choice

Refer to the following table to answer the following questions:

-For 2 chips and 5 sodas to be a combination of goods that maximizes someone's utility per dollar,the price of chips must be ________ if the price of soda is $1.00.

• A) $2.00
• B) $3.00
• C) $2.50
• D) $3.50
• E) $3.75

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Definitions:

Belief Perseverance

The tendency to maintain one's beliefs even after they have been discredited or proven wrong.

Advice

Guidance or recommendations offered regarding prudent future action.

Avoid

To keep away from or stop oneself from doing something, often due to apprehension or danger.

Motivated Reasoning

The process by which individuals form and cling to beliefs even in the face of contrary evidence, often driven by emotional investments in those beliefs.