Which of the following statements best describes how individuals maximize their utility given a constraint? a) this can be shown when the budget constraint is tangent to the highest indifference curve b) this can be shown when the budget constraint is tangent to the highest indifference curve well above the contraint c) none of these possible answers make sense d) this can be shown when the budget constraint is tangent to the lowest indifference curve possible

Which of the following statements best describes how individuals maximize their utility given a constraint? a) this can be shown when the budget constraint is tangent to the highest indifference curve b) this can be shown when the budget constraint is tangent to the highest indifference curve well above the contraint c) none of these possible answers make sense d) this can be shown when the budget constraint is tangent to the lowest indifference curve possible

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter6: Consumer Choice Theory

Section: Chapter Questions

Problem 23SQ

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