If a good is free, when will a consumer stop wanting to buy the good?Once the total utility equals zeroAt the quantity where marginal utility is at its maximumOnce the marginal utility equals zeroWhen marginal utility is negativeOnce the marginal utility equals total utilityWhat is used to measure a consumer's entire satisfaction or happiness of achoice?Total utilityMarginal costMarginal utilityTotal RevenueTotal costsWhich of the following best defines the term utility as it is used by economists?when a market allocates resources in a way that maximizes consumer and producersurplus

''Since multiple questions are asked, we are supposed to answer one question'' Marginal Utility is…

If a good is free, when will a consumer stop wanting to buy the good? Once the total utility equals zero At the quantity where marginal utility is at its maximum Once the marginal utility equals zero When marginal utility is negative Once the marginal utility equals total utility

If a good is free, when will a consumer stop wanting to buy the good? Once the total utility equals zero At the quantity where marginal utility is at its maximum Once the marginal utility equals zero When marginal utility is negative Once the marginal utility equals total utility

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

If a good is free, when will a consumer stop wanting to buy the good?
Once the total utility equals zero
At the quantity where marginal utility is at its maximum
Once the marginal utility equals zero
When marginal utility is negative
Once the marginal utility equals total utility
What is used to measure a consumer's entire satisfaction or happiness of a
choice?
Total utility
Marginal cost
Marginal utility
Total Revenue
Total costs
Which of the following best defines the term utility as it is used by economists?
when a market allocates resources in a way that maximizes consumer and producer
surplus

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