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Question
Maximizing utility
a. requires that consumers get the most satisfaction out of every dollar they spend.
b. is very easy for consumers to achieve.
c. always requires that consumers spend more money than they have.
d. requires that the marginal utility of each good consumed is equal, no matter the price of each good consumed.
e. requires that the price of each good is equal.
Answer
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Related questions
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What is the long-run consequence of a price ceiling law?
a. A surplus will continue to exist and will grow larger over time.
b. A surplus will continue to exist and will grow smaller over time.
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Suppose Solomon lives in a community with no price controls. What do you expect will happen if his town borders a community where there is a binding price ceiling on most products?
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