If a consumer chooses the goods that deliver the most marginal utility per dollar, then the consumer is Blank______ utility. Multiple choice question. maximizing decreasing minimizing increasing
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1. When total utility increases, marginal utility is ________________ Group of answer choices minimum negatvie zero positive 2. Marginal utility can be: Group of answer choices positive, negative, but not zero. pdecreasing but not negative positive, negative, or zero. positive but not negative, or zero. 3. Which of the following is true about utility? Group of answer choices Utlity is subjective Utlity is same as usefulness Utility same for all the consumers Utility for a good is constant
Jennifer S.
In consumer choice theory, when economists refer to the happiness, satisfaction, or pleasure derived from a purchase, they use the term ________________. - advantage - avail - utility - consumer benefit Marginal Utility is the ______________ - total satisfaction received from consuming a given number of units of a product. - extra satisfaction received from consuming one more unit of a product. - average satisfaction received from consuming a product. - satisfaction received when consumers have had enough of a product. If a person consumes more and more of a good, and each additional unit adds less satisfaction than the previous unit consumed, we are seeing the workings of - the law of demand - the law of increasing opportunity cost - the law of supply - the law of diminishing marginal utility In order to derive an individual's demand curve for a good, we could examine the quantity of the good purchased at the consumer's optimal choice when changing ____________. - the price of a close substitute - the price of the product holding everything else constant - tastes and preferences - income Damien says "I am so full I wouldn't eat another slice of cake if you paid me". According to this statement, what can we say about the marginal utility of Damien's next slice of cake. - It is increasing - It is negative - It is the same as the previous slice of cake - We need numerical information to make inferences about marginal utility
Crystal W.
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