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15.

A consumer is maximizing her utility with a particular
money income when:

A.

the total utility derived from each product consumed is the
same.

B.

MUa/Pa =
MUb/Pb =
MUc/Pc = . . . =
MUn/Pn.

C.

MUa = MUb =
MUc = . . . = MUn.

D.

Pa = Pb =
Pc = . . . = Pn.

16.

A consumer’s demand curve for a product is downsloping
because:

A.

total utility falls below marginal utility as more of a product
is consumed.

B.

marginal utility diminishes as more of a product is
consumed.

C.

time becomes less valuable as more of a product is consumed.

D.

the income and substitution effects precisely offset each
other.