When Joe maximizes utility, he finds that his MRS of X for Y is greater than Px/Py. It is most likely that:

A) Joe's preferences are incomplete.
B) Joe's preferences are irrational.
C) Joe is not consuming good X.
D) Joe is not consuming good Y.

MRS

The Marginal Rate of Substitution is the rate at which a consumer is willing to exchange units of one good for units of another good while maintaining the same level of utility.

Marginal Utility

Marginal utility is the additional satisfaction or utility that a consumer receives from consuming one more unit of a good or service.

Utility Maximization

A theory in economics that suggests consumers will allocate their resources to maximize their utility or satisfaction given their income and the prices of goods and services.