A Consumer Attains Equilibrium by _____

question 8

Multiple Choice

A consumer attains equilibrium by _____.

• A)consuming all goods to the point where the marginal utility of each are equal
• B)consuming all goods to the point where the total utility of each are equal
• C)allocating income such that the total amount spent on each good is equal
• D)allocating income such that the marginal utility of the last dollar spent on each good is the same

---

Definitions:

Work-In-Process

Partially finished goods that are still in the production process at the end of an accounting period.

Finished Goods

Products that are finished with the production process but remain unsold to any customer.

Total Manufacturing Costs

The sum of all costs directly associated with the production of goods, including raw materials, labor, and overhead expenses.

Raw Material

Material that is to be processed into a finished product or that changes the quality or characteristics of the product.