Economics 12E - Arnold - TB_128

Economics 12E - Arnold - TB_128 - 76 Given two goods X and...

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76. Given two goods, X and Y, their prices, P X and P Y , a consumer is in equilibrium when the last dollar spent on X yields a. zero marginal utility for Y. b. the same marginal utility as if all the money were spent on Y. c. a smaller marginal utility than the last dollar spent on Y. d. the same marginal utility as the last dollar spent on Y. e. none of the above ANSWER: d POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Utility and consumer choic - DISC: Utility and consumer choice KEYWORDS: Bloom's: Application 77. The diamond-water paradox is illustrated by which of the following statements? POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS:
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