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Question
To reach the consumer optimum for two goods, the
a. ratio of marginal utility to price for both goods must be equal.
b. marginal utility for both goods must be equal.
c. total utility for both goods must be equal.
d. ratio of total utility to price for both goods must be equal.
e. price of both goods must be equal.
Answer
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Related questions
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Price gouging laws will usually result in ________ the product in the distressed market.
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c. government setting up an agency to regulate supply of
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The economic entity most likely to engage in price gouging is
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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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Q:
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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Q:
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