The short run is the time period during which a firm has at least one input constraint.
Indicate whether the statement is true or false
Question 2
Refer to Table 10-4. For steak and cheese sandwiches and grilled chicken sandwiches, the table contains the values of the marginal utility (MU) and marginal utility per dollar (MU/P) for Mabel Jarvis.
Mabel has 14 to spend on steak and cheese sandwiches and grilled chicken sandwiches. Which of the following statements is true?
A) To maximize her utility, Mabel will need a total of 36, the income needed to buy 6 steak and cheese sandwiches and 6 grilled chicken sandwiches.
B) If Mabel maximizes her utility she will buy three steak and cheese sandwiches and two grilled chicken sandwiches.
C) If Mabel was maximizing her utility when spending 14 and then received an additional 4, she would receive the most marginal utility per dollar if her next purchase was another grilled chicken sandwich.
D) Mabel will first buy two steak and cheese sandwiches; then with her remaining 6 she will buy three grilled chicken sandwiches.
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