The Below Table Shows the Average Utility (In Utils) Obtained

question 86

Multiple Choice

The below table shows the average utility (in utils) obtained from the consumption of goods A and B.Table 7.3

-Suppose the prices of goods X, Y, and Z are $4, $1, and $5, respectively, and the last unit purchased of good X has a marginal utility MU_x = 16 utils. At the point of equilibrium, the marginal utility of the last unit purchased of goods Y and Z will be:

• A)MU_y = 16 utils and MU_z = 16 utils, respectively.
• B)MU_y = 8 utils and MU_z = 2 utils, respectively.
• C)MU_y = 4 utils and MU_z = 20 utils, respectively.
• D)MU_y = 2 utils and MU_z = 4 utils, respectively.
• E)MU_y = 12 utils and MU_z = 20 utils, respectively.

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Definitions:

Allegations

Claims or assertions made by a party in a legal proceeding, which must be proven through evidence.

Default Judgment

A judgment entered by a clerk or court against a party who has failed to appear in court to answer or defend against a claim that has been brought against him or her by another party.

Complaint

A formal legal document filed in court by the plaintiff to initiate a lawsuit, outlining the facts and legal reasons for the claim against the defendant.

Service of Process

The procedure by which a party to a lawsuit gives an appropriate notice of initial legal action to another party (such as a defendant), court, or administrative body, ensuring the court's jurisdiction over the parties to the lawsuit.