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bklm1234 bklm1234
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2 years ago
John is allocating his household expenditure between groceries and housing in order to maximize total utility. For the quantities of groceries and housing he has chosen, an increase in the price of housing will, ceteris paribus,

▸ reduce the marginal utility per dollar spent on housing.

▸ reduce the marginal utility of a unit of housing.

▸ increase the marginal utility of a unit of housing.

▸ increase the marginal utility per dollar spent on housing.

▸ have no effect on the marginal utility per dollar spent on housing.
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Microeconomics

Microeconomics


Edition: 17th
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pigglyoink14pigglyoink14
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bklm1234 Author
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Thanks
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You make an excellent tutor!
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Just got PERFECT on my quiz
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