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Author Question: Economic models simplify reality and help us to better understand important aspects of it. ... (Read 67 times)

gonzo233

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on: Jun 30, 2018
Economic models simplify reality and help us to better understand important aspects of it.
  Indicate whether the statement is true or false

Question 2

According to utility theory, a consumer is in equilibrium when:
 a. total income is spent.
  b. marginal utility per dollar spent for a good is maximized.
  c. total utility per unit of a good is maximized.
  d. total utility per dollar spent is equal for all goods.
  e. marginal utility per dollar spent is equal for all goods.


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leahchrapun

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Reply #1 on: Jun 30, 2018
Answer to Question 1

T

Answer to Question 2

e


gonzo233

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Reply 2 on: Jun 30, 2018
YES! Correct, THANKS for helping me on my review

fatboyy09

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Reply 3 on: Yesterday
Excellent

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