Total Utility Is Maximised in the Consumption of Two Goods

question 124

Multiple Choice

Total utility is maximised in the consumption of two goods by

• A) equating the marginal utility for each good consumed.
• B) equating the marginal utility per dollar for each good consumed.
• C) equating the total utility of each good divided by its price.
• D) maximising expenditure on each good.

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Definitions:

Civil Strife

Conflict and disruption within a country or region, often involving violence between different groups or the state.

Economic Development

The process by which the economic well-being and quality of life of a nation, region, or local community are improved according to measurable targets such as job creation, wealth support, and improved social services.

Social Standards

Accepted behaviors, norms, and values within a society or group that guide individuals' actions and interactions.