Marginal utility is O a. the extra satisfaction derived from consuming an additional unit of a good. O b. the total satisfaction derived from consuming an additional unit of a good. O c. the total satisfaction derived from consuming a good. O d. the change in total satisfaction as an additional unit of a good is consumed. O e. a and d

Marginal utility is O a. the extra satisfaction derived from consuming an additional unit of a good. O b. the total satisfaction derived from consuming an additional unit of a good. O c. the total satisfaction derived from consuming a good. O d. the change in total satisfaction as an additional unit of a good is consumed. O e. a and d

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Consumer Choice And Demand

Section: Chapter Questions

Problem 1.2P

See similar textbooks

Similar questions

Question 8
Answer Question 2 only:
Total utility O diminished as the quantity of a good increases increases as long as more goods are acquired increases as long as marginal utility increases O increases as long as marginal utility is positive diminishes as consumption of some good rises
As more of a good is consumed in a given period, its... total utility remains constant total utility decreases then increases O marginal utility decreases O marginal utility increases
If you were deciding which pizza place to eat at by comparing your enjoyment of pizza and price at two different restaurants, what would you be calculating? a. Marginal utility per dollar of pizza O b. Total Utility per slice of pizza Oc. Marginal Utility per slice of pizza Od. Diminishing Marginal Utility per slice of pizza
Question 1 Which of the following statements is NOT true? O Total utility is the satisfaction from the entire consumption of a good Marginal utility is the additional satisfaction from consuming the last unit of a good Utility measures the satisfaction obtainefrom a good OBoth represent the satisfaction obtained from most all goods and services
QUESTION 4 Diminishing marginal utility provides an explanation for the slope of the demand curve. O True O False QUESTION 5 Diminishing marginal utility provides a theory of consumer behavior. O True O False QUESTION 6 If total utility is increasing, marginal utility must be increasing. O True O False
Total utility is maximized in the consumption oftwo goods by equating thea. prices of both goods for the last dollar spenton each good.b. marginal utilities of both goods for the lastdollar spent on each good.c. ratios of marginal utility to the price of bothgoods for the last dollar spent on each good.d. marginal utility of one good to the price ofthe other good.
Table 6.1 Pretzels Marginal Utility 1 30 20 3 5 4 Refer to Table 6.1, which shows the marginal utility of each additional unit of pretzel for a consumer. The first column of the table shows the number of pretzels consumed in a day, and the second column of the table shows the marginal utility of each additional unit of pretzel. The total utility derived from the consumption of three pretzels is units. O a. 5 O b. 55 Oc. 15 Od. 57 O e. 70
Quèstion 22 Marginal utility is positive and increasing when: O Total utility is increasing in an increased rate O Total utility is increasing in a decreased rate O Total utility is decreasing O Consuming unit 8 of any good
Consider the figure at the right. This economy moved from production possibilities boundary A to production possibilities boundary B because O A. the opportunity cost of hot dogs in terms of books increased. O B. the technology used to produce books improved while the technology used to produce hot dogs remained unchanged. O C. there has been growth in productive capacity. O D. there has been a decline in productive capacity. O E. the opportunity cost of books in terms of hot dogs increased. Quantity of Books PPBA Quantity of Hot Dogs PPBB
Marginal utility is negative only when quantity demanded is negative. Select one: O a. True Ob. False Clear my choice 4