A Consumer Maximizes Total Utility from a Given Amount of Income

question 89

Multiple Choice

A consumer maximizes total utility from a given amount of income when the

• A) Marginal utility obtained from the last dollar spent on each good is the same.
• B) Marginal utility of the last unit of each good is the same.
• C) Total utility obtained from each product is the same.
• D) Amount spent for each product is the same.

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Definitions:

Enumerated Name

A user-defined data type in C/C++ that assigns names to integral constants to improve code readability.

Enumerated Constant

A symbolic name for a series of constant values typically defined in an enumeration type.

Conditional Operator

A ternary operator that provides a shorthand way to write if-else statements, evaluating a condition and returning one of two values.