Author Question: In consumer equilibrium, which of the following is true? a. The marginal utility from the ... (Read 25 times)

stephzh · **on:** Jun 30, 2018

In consumer equilibrium, which of the following is true?
a. The marginal utility from the consumption of each good is the same.
b. The marginal utility from the consumption of each good is zero.
c. The marginal utility from the consumption of the last dollar's worth of each good is the same.
d. The total utility from the consumption of each good is the same.

Question 2

If the resource market is perfectly competitive, the marginal factor cost is equal to the price of the resource.
a. True
b. False
Indicate whether the statement is true or false