Author Question: If the marginal utility per dollar spent on Good X exceeds that of Good Y, the utility-maximizing ... (Read 132 times)

sjones

  • Hero Member
  • *****
  • Posts: 520
If the marginal utility per dollar spent on Good X exceeds that of Good Y, the utility-maximizing consumer should:
 a. buy less of Good X and more of Good Y.
  b. buy less of Good Y and more of Good X.
  c. buy more of both Good X and Good Y.
  d. buy less of both Good X and Good Y.

Question 2

If a resource is purchased and sold in a perfectly competitive market:
 a. there are a large number of resource suppliers and the resources are identical.
  b. there is a single buyer of resource and the resources are identical.
  c. there is a single buyer of resource and the resources are differentiated.
  d. there are a large number of resource suppliers and the resources are differentiated.
  e. there are a large number of resource suppliers and there is no entry or exit.



BAOCHAU2803

  • Sr. Member
  • ****
  • Posts: 316
Answer to Question 1

b

Answer to Question 2

a



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

All adverse reactions are commonly charted in red ink in the patient's record and usually are noted on the front of the chart. Failure to follow correct documentation procedures may result in malpractice lawsuits.

Did you know?

Normal urine is sterile. It contains fluids, salts, and waste products. It is free of bacteria, viruses, and fungi.

Did you know?

Famous people who died from poisoning or drug overdose include, Adolf Hitler, Socrates, Juan Ponce de Leon, Marilyn Monroe, Judy Garland, and John Belushi.

Did you know?

Hypertension is a silent killer because it is deadly and has no significant early symptoms. The danger from hypertension is the extra load on the heart, which can lead to hypertensive heart disease and kidney damage. This occurs without any major symptoms until the high blood pressure becomes extreme. Regular blood pressure checks are an important method of catching hypertension before it can kill you.

Did you know?

More than 20 million Americans cite use of marijuana within the past 30 days, according to the National Survey on Drug Use and Health (NSDUH). More than 8 million admit to using it almost every day.

For a complete list of videos, visit our video library