A Consumer Is Buying the Optimal Amount of Goods When

question 264

Multiple Choice

A consumer is buying the optimal amount of goods when

• A) the total utility from the purchases on all the goods purchased is the same.
• B) the marginal utility from the purchases of all the goods purchased is the same.
• C) the marginal utility per last dollar spent on all of the goods purchased is the same.
• D) the marginal utility from the purchases of all the goods is equal to 1.

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Definitions:

Z-test

A method of statistical analysis that evaluates whether there is a significant difference between the means of two populations, given known variances and a large sample size.

µ = 109

Represents the mean (µ) of a dataset or distribution, here specifically stated as 109.

Z-statistic

A specific kind of norm score that shows the number of standard deviations by which an individual item deviates from the distribution's average.

Critical Value

The threshold in a statistical test that defines the boundary for rejecting the null hypothesis.