Learning Path
Question & Answer
Choose the Best Answer
Choosing the meal that provides the highest satisfaction per dollar spent.
Selecting the most expensive meal regardless of satisfaction.
Opting for the meal with the least calories.
Buying multiple cheaper meals without regard to satisfaction.
Understanding the Answer
Let's break down why this is correct
The correct choice is the one that gives the most extra happiness for each dollar spent. Other options are incorrect because Choosing the most expensive meal regardless of satisfaction assumes that price equals value; Opting for the meal with the least calories focuses on nutrition, not money use.
Key Concepts
Marginal Utility Per Dollar
easy level question
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Deep Dive: Marginal Utility Per Dollar
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Definition
Marginal Utility Per Dollar is a concept in Economics that helps consumers maximize utility by considering the additional satisfaction gained from spending one more dollar on each good. In this scenario, the consumer chooses the combination of apples and oranges that provides the highest marginal utility per dollar spent within the budget constraint of $7, demonstrating rational consumer decision-making.
Topic Definition
Marginal Utility Per Dollar is a concept in Economics that helps consumers maximize utility by considering the additional satisfaction gained from spending one more dollar on each good. In this scenario, the consumer chooses the combination of apples and oranges that provides the highest marginal utility per dollar spent within the budget constraint of $7, demonstrating rational consumer decision-making.
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