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Author Question: What is the utility-maximizing rule? What will be an ideal ... (Read 45 times)

craiczarry

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on: Jun 29, 2018
What is the utility-maximizing rule?
 
  What will be an ideal response?

Question 2

If the elasticity of supply of labor is low and the elasticity of demand for labor is high, then workers pay most of the Social Security tax levied on labor.
 
  Indicate whether the statement is true or false


LVPMS

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The utility-maximizing rule states that for a person to maximize utility, the person must allocate (spend) his or her entire budget and consume the quantities of goods and services so that the marginal utility per dollar from each good or service is equal to the marginal utility per dollar from all the other goods and services.

Answer to Question 2

TRUE


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