Question 1

Ignoring all other goods,if Yong's marginal utility per pound of bread is 10 utils and per pound of cheese is 30 utils,his

Accepted Answer

A) total utility would be maximized if the price per pound of cheese is triple the price per pound of bread 
B) total utility could be increased by buying more bread and less cheese 
C) total utility could be increased by buying more cheese and less bread 
D) total utility would be maximized if the price per pound of cheese is one-third the price per pound of bread 
E) marginal utility would be maximized if the price per pound of cheese is one-third the price per pound of bread 
A) total utility would be maximized if the price per pound of cheese is triple the price per pound of bread 
B) total utility could be increased by buying more bread and less cheese 
C) total utility could be increased by buying more cheese and less bread 
D) total utility would be maximized if the price per pound of cheese is one-third the price per pound of bread 
E) marginal utility would be maximized if the price per pound of cheese is one-third the price per pound of bread

Question 2

The substitution effect will never induce a consumer to buy more of a good when its price increases.

Accepted Answer

A) True 
 B)False

Question 3

A change in the price of one good leads to all of the following,except one.Which is the exception?

Accepted Answer

A) a change in the slope of the budget line 
B) a new point of consumer utility maximization 
C) a change in the trade-off between the two goods 
D) a change in the marginal utility of each unit of the good 
E) a change in the marginal utility per dollar spent on the good 
A) a change in the slope of the budget line 
B) a new point of consumer utility maximization 
C) a change in the trade-off between the two goods 
D) a change in the marginal utility of each unit of the good 
E) a change in the marginal utility per dollar spent on the good

Ignoring all other goods,if Yong's marginal utility per pound of bread is 10 utils and per pound of cheese is 30 utils,his

The substitution effect will never induce a consumer to buy more of a good when its price increases.

A change in the price of one good leads to all of the following,except one.Which is the exception?

What Is Economics

Scarcity, choice, and Economic Systems

Supply and Demand

Working With Supply and Demand

Elasticity

Production and Cost

How Firms Make Decisions: Profit Maximization

Perfect Competition

B:Perfect Competition

Monopolistic Competition and Oligopoly

Monopoly

Labor Markets

B: Labor Markets

Capital and Financial Markets

Economic Efficiency and the Competitive Ideal

Governments Role in Economic Efficiency

Comparative Advantage and the Gains From International Trade

Filters

Exam 6: Consumer Choice

Ignoring all other goods,if Yong's marginal utility per pound of bread is 10 utils and per pound of cheese is 30 utils,his

The substitution effect will never induce a consumer to buy more of a good when its price increases.

A change in the price of one good leads to all of the following,except one.Which is the exception?

What Is Economics

Scarcity, choice, and Economic Systems

Supply and Demand

Working With Supply and Demand

Elasticity

Production and Cost

How Firms Make Decisions: Profit Maximization

Perfect Competition

B:Perfect Competition

Monopolistic Competition and Oligopoly

Monopoly

Labor Markets

B: Labor Markets

Capital and Financial Markets

Economic Efficiency and the Competitive Ideal

Governments Role in Economic Efficiency

Comparative Advantage and the Gains From International Trade

Filters