-Refer to the Above Table

question 184

Multiple Choice

-Refer to the above table. If the price of a hamburger is $2, the price of a concert ticket is $60, and the consumer has $190, what is the consumer optimum?

• A) 4 hamburgers and 2 concerts
• B) 5 hamburgers and 3 concerts
• C) 6 hamburgers and 0 concerts
• D) 0 hamburgers and 6 concerts

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Definitions:

Nonmarket Rationing

Distribution of goods and services based on criteria other than price, such as need or merit.

Expected Rate of Return

The anticipated amount of profit or loss from an investment, considering the potential risks and rewards.

Interest Rate

The percentage at which interest is charged or paid on a loan or investment over a specific period of time.

Normal Profit

The profit level that allows a business to cover its costs, including the opportunity cost of capital, without making an economic profit.