150. A consumer\'s spending is restricted because of: A) marginal utility. B) to

Question

150. A consumer's spending is restricted because of:
A) marginal utility.
B) total utility.
C) a budget constraint.
D) utility maximization.
153. Utility is maximized in the consumption of two goods by equating the:
A) marginal utility of one good to the price of the other.
B) ratios of marginal utility to price for both goods.
C) ratios of total utility to price of both goods.
D) marginal utilities of both goods.

170. According to the text, Giffen goods for people:
A) are rare but a few have been found.
B) are quite abundant.
C) have not been found.
D) are the same thing as an inferior goods.

Explanation / Answer

150. A consumer's spending is restricted because of:
A) marginal utility.
B) total utility.
C) a budget constraint.
D) utility maximization.

153. Utility is maximized in the consumption of two goods by equating the:
A) marginal utility of one good to the price of the other.
B) ratios of marginal utility to price for both goods.
C) ratios of total utility to price of both goods.
D) marginal utilities of both goods.

170. According to the text, Giffen goods for people:
A) are rare but a few have been found.
B) are quite abundant.
C) have not been found.
D) are the same thing as an inferior goods.

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