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In addition to preferences, a consumer's choice is further constrained by a. A rising marginal utility curve. b. Culture. c. Income and commodity prices. d.
In addition to preferences, a consumer's choice is further constrained by
a. A rising marginal utility curve.
b. Culture.
c. Income and commodity prices.
d. An equilibrium market where utility is minimized.
e. The fact the optimal market basket is rarely in the equilibrium market basket.
The question below is based on the following production function:
Number of person hour
0
1
2
3
4
5
Quantity of oysters harvested (bushels)
0
4
7
9
10
10.5
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