MrSurly Consumes Only Two Goods and Hates Them Both

question 43

True/False

Mr.Surly consumes only two goods and hates them both.His utility function is U(x, y)=2max{x, y}.Mr.Surly has (weakly)convex preferences.

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Definitions:

Minimum Wage

The lowest legal hourly rate of pay that employers can compensate workers, established to protect employees from exploitation.

Equilibrium Price

The price point in the market at which the supply of goods matches the demand for those goods.

Price Floor

A government-set minimum price for goods or services, above the market equilibrium price, aimed at preventing prices from falling too low.

Price Controls

Government-imposed limits on prices charged for goods and services to manage economy.