Bobby consumes only chocolate and vanilla ice cream and he is spending all of his income. For the last scoop of chocolate and vanilla ice cream that he bought, his marginal utility of chocolate is 100 and his marginal utility of vanilla is 250, and the price of chocolate is $1.00 per scoop and the price of vanilla is $2.00 per scoop. Bobby would maximize his utility by
ice cream. Assume that Bobby could buy any fraction of a scoop of (e. g., he could buy ½ scoop) of ice cream (continuous in quantity).

A. only purchasing vanilla ice cream, but no chocolate
B. purchasing more chocolate and less vanilla
C. purchasing more vanilla and less chocolate
D. not changing his purchases of chocolate and vanilla
E. only purchasing chocolate ice cream, but no vanilla

The interaction of individual choices because a type of fish is on the verge of extinction, the government imposes rules that prohibit fishing in the publicly owned spawning grounds. at first owners of fshing bouts complain about this restriction on where they can fish, but soon they notice that the number of adult fish swimming outside the protected area is much higher than it was before. with the restriction, each fishing boat ends up catching more fish than it did before the r which of the following principles of economic interaction best describes this scenario? o there is a tradeoff between equality and efficiency o markets usually lead to efficiency. o when markets do not achieve efficiency, government intervention can improve overall welfare o markets allocate goodseffectively