In terms of utility theory, equilibrium in the real world means that
a. households are consuming as much of every commodity as they would like
b. households have spent their incomes in such a way that their overall satisfaction is maximized
c. households have spent their incomes in such a way that their marginal utility is maximized
d. households have spent their incomes in such a way that their marginal utility is zero for every product consumed
e. households have spent their incomes in such a way that their total utility is zero
Question 2
As long as scarcity exists,
a. product prices play no role in utility maximization
b. income plays no role in utility maximization
c. income and product prices must both be considered in utility maximization
d. consumers maximize utility by consuming all products until their marginal utility is zero
e. product prices will be zero
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