The step-by-step process of finding the choice with highest total utility involves a comparison of the:
A) budget constraint and low-income housing expenses.
B) marginal utility gained and lost from different choices along the budget constraint.
C) household consumption choice budget and the labor-leisure budget using an utilimometer.
D) various categories of economic proverbial wisdom.

Question

Quizplus · Accepted Answer

The correct process involves comparing the marginal utility gained and lost from different choices along the budget constraint to maximize total utility within the limits of one's budget.

The Step-By-Step Process of Finding the Choice with Highest Total