Bernice has the utility function U(x, y) = min{x, y}. The price of x used to be 3 but rose to 4. The price of y remained at 1. Her income is 12. The price increase was as bad for her as a loss of $3 in income.

Name: Bernice has the utility function U(x, y) = min{x, y}. The price of x used to be 3 but rose to 4. The price of y remained at 1. Her income is 12. The price increase was as bad for her as a loss of $3 in income.
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Question

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The Answer is False

Bernice Has the Utility Function U(x, Y) = Min{x, Y}