Author Question: Ben consumes soda and cheeseburgers. If his total utility from sodas is currently 40, and his total ... (Read 48 times)

fox · **on:** Jun 30, 2018

Ben consumes soda and cheeseburgers. If his total utility from sodas is currently 40, and his total utility from cheeseburgers is 30, and the price of cheeseburgers is twice the price of sodas,
a. Ben is in equilibrium.
b. Ben should increase his soda consumption and decrease his cheeseburger consumption.
c. Ben should decrease his soda consumption and increase his cheeseburger consumption.
d. we cannot conclude that any of the above are correct.

Question 2

Because of their derived nature, resource markets are completely different from any other type of market studied by economists.
a. True
b. False
Indicate whether the statement is true or false