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The objective of the household is to: A
The objective of the household is to:
A. maximize household wealth.
B. own as much land as possible.
C. maximize utility.
D. save as much money as possible.
Expert Solution
The objective of the household is to:
| A. maximize household wealth. | No, wealth is only important for how much utility it can purchase. |
| B. own as much land as possible. | No, land is only important for adding to wealth and therefore the purchase of utility. |
| C. maximize utility. | Yes, money and wealth are used to increase utility as much as possible. |
| D. save as much money as possible. | No, unless you gain the greatest utility from saving, money is a tool to be used for utility maximization. |
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