Q1.14 Utility from consuming a good is understood by economists to mean; (a) how often we consume the good. (b) how much satisfaction or benefit we get from consuming the good. (c) how much it costs to buy the good. (d) how we best use the good. Q.1.15 The marginal utility of a good or service declines as one more unit is consumed because: (a) supply slopes upwards. (b) consumers are constrained by income. (c) of the law of diminishing marginal utility. (d) prices move with demand.
Q1.14 Utility from consuming a good is understood by economists to mean; (a) how often we consume the good. (b) how much satisfaction or benefit we get from consuming the good. (c) how much it costs to buy the good. (d) how we best use the good. Q.1.15 The marginal utility of a good or service declines as one more unit is consumed because: (a) supply slopes upwards. (b) consumers are constrained by income. (c) of the law of diminishing marginal utility. (d) prices move with demand.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Q1.14 Utility from consuming a good is understood by economists to mean;
(a) how often we consume the good.
(b) how much satisfaction or benefit we get from consuming the good.
(c) how much it costs to buy the good.
(d) how we best use the good.
Q.1.15 The
because:
(a) supply slopes upwards.
(b) consumers are constrained by income.
(c) of the law of diminishing marginal utility.
(d) prices move with
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