Economics For Today
Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Chapter 6, Problem 16SQ
To determine

Implication of not maximizing the utility.

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When Marietta chooses to only purchase a combination of goods that lie within her budget line, she: a. likely has negative savings. b. is maximizing utility. c. is decreasing utility. d. must reduce the quantity.
How does the law of diminishing marginal utility relate to changing income? Select one: a. The marginal benefit of an extra dollar of income rises as income rises. b. The marginal benefit of an extra dollar of income falls as income rises. c. The total utility gained from a small income is higher than the total utility gained from a high income. d. The total utility gained from a high income is higher than the total utility gained from a low income.
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.
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