Use the Following to Answer Question

question 78

Multiple Choice

Use the following to answer question:
-(Table: Consumer Equilibrium) Use Table: Consumer Equilibrium.Assume that the price of good X is $2 per unit and the price of good Y is $1 per unit,that you consume three units of good X and three units of good Y,and that you are spending all of your income.To maximize utility,assuming that the goods are divisible,you would consume _____ of X and _____ of Y.

• A)less;less
• B)more;more
• C)less;more
• D)more;less

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Definitions:

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choice.

Employment Opportunities

Available job positions or career prospects within the job market.

Opportunity Cost

The value of the next best alternative foregone as a result of making a decision; the cost of missing out on the second best choice while selecting among several options.

Supply Of Labor

The sum of hours employees are prepared and capable of working for a specified rate of pay during a particular time frame.