Final answer:
The statement is correct as at the consumer's optimum, the marginal value does equal the relative price, reflecting that the ratio of marginal utility to price is the same for all goods. This is seen in an example where the optimal choice of goods aligns with the general rule that consumers maximize utility by equalizing the marginal utility per dollar spent across goods.
Step-by-step explanation:
The statement that marginal value equals relative price at the consumer's optimum, even if the optimum is a corner solution, is true. This is because at the point of consumer's optimum, the condition for utility maximization is met where the ratio of marginal utility to price for all goods is equal. This generally occurs along the budget constraint where the total price of the goods remains the same and the ratio of prices is constant. For example, at an optimal choice point S, the ratio of marginal utility to price for T-shirts is 22:14, which is equivalent to the ratio of marginal utility to price for movies, 11:7. This illustrates that consumers will distribute their spending until the point where they achieve the greatest marginal utility per dollar spent on each good, aligning with the general rule for utility maximization.