If the Price of Steak Rises,a Consumer Who Had Been

question 150

Multiple Choice

If the price of steak rises,a consumer who had been maximizing his or her utility before will buy less steak because its

• A) total utility falls.
• B) ratio of marginal utility to price is now less than that for other goods.
• C) marginal utility has fallen.
• D) ratio of marginal utility to total utility falls.
• E) ratio of marginal utility to price is now larger than that for other goods.

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Definitions:

Opponent-process Color Coding

a theory of color vision that suggests colors are perceived in terms of opposing pairs: red-green, blue-yellow, and black-white.

Lateral Geniculate Nucleus

A structure in the brain that is part of the thalamus; it acts as a primary processing center for visual information received from the retina.

Cones

Photoreceptor cells in the retina of the eye responsible for color vision and functioning best in relatively bright light.

Retinal Ganglion Cells

Retinal ganglion cells are neurons located in the retina that transmit visual information from the eye to the brain through their axons, which form the optic nerve.