Microeconomics: Principles, Problems, & Policies, 20th Edition

Published by McGraw-Hill Education
ISBN 10: 0077660811
ISBN 13: 978-0-07766-081-9

Chapter 7 - Utility Maximization - Discussion Questions - Page 164: 7


The answer is below.

Work Step by Step

This rule states that consumers will allocate their funds more for utilities/products that cost less money. After all, when the cost is lower, people have to pay less for the same amount of good.
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.