Foundations of Economics (8th Edition)
Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 13, Problem 3MCQ
To determine

Choose the correct answer out of the following options, Total utility __ and marginal utility ___ as more of a good is consumed:

  1. Increases; increases
  2. Diminishes; diminishes
  3. Increases; diminishes
  4. Diminishes; increases

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According to the law of diminishing marginal utility:   a. as you consume less of something, your total utility will decrease. b. as you consume less of something, your marginal utility from consuming that good will increase c. you should never consume more of something if your marginal utility is decreasing. d. If your total utility is increasing as you consume more of something, then your marginal utility must be increasing as well.
Which of the following statements is NOT true? a. Utility measures the satisfaction obtained from a good b. Total utility is the satisfaction from the entire consumption of a good C. Both represent the satisfaction obtained from most all goods and services d. Marginal utility is the additional satisfaction from consuming the last unit of a good
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
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