Economics For Today
Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Chapter 6, Problem 17SQ
To determine

 The selection of a utility maximizing consumer.

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According to the law of diminishing marginal utility, marginal utility of a good declines as more of it is consumed in a given time period. According to this law, which of the following statement is true? a. The more I go to school, the more I want to do something else b. Since we need gasoline more than we need paper, gasoline is more valuable c. Peas give me no satisfaction, so I won't buy any d. The more coffee I drink, the more I want to drink
Shannon is allergic to chocolate and refuse to eat it making the statement that the marginal utility of chocolate is:  a. zero b. negative c. less than the total utility.  d. positive, but decreasing.
Which of the following statement is true?A. Marginal Utility is the additional satisfaction gained by the consumer in consuming the first glass of water.B.The value of a glass of water to a consumer depends on its average revenue.C.The marginal utility  of pearl is higher than water.D.The additional utility of consuming one more glass of water is greater than buying one more pearl.
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