For a Consumer to Maximize Utility

question 110

Multiple Choice

For a consumer to maximize utility,

• A)marginal utility should equal marginal benefit.
• B)price should equal marginal benefit.
• C)marginal benefit should equal total utility.
• D)price should equal marginal utility.
• E)price should equal marginal cost.

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Definitions:

Superconductors

Materials that can conduct electricity without resistance when cooled to very low temperatures, offering potential for energy-efficient technologies.

Electricity

A form of energy resulting from the existence of charged particles such as electrons or protons, either statically as an accumulation of charge or dynamically as a current.

Market Prices

The current price at which an asset or service can be bought or sold, influenced by factors like supply and demand.

Mineral Supplies

The total availability of extractable minerals and elements from the earth's crust that are valuable for economic and industrial processes.