Micro Economics For Today
Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Chapter 6, Problem 5SQ
To determine

Definition for marginal utility.

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Which of the following defines marginal utility? a. the maximum amount of satisfaction from consuming a product b. the change in total utility divided by the price of a product c. the total satisfaction received from consuming as much of the product that is available for consumption d. the additional satisfaction received from consuming one more unit of a product
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
According to the law of diminishing marginal utility, what happens as a consumer consumes more units of a good? A. Total utility increases at a decreasing rate.B. Marginal utility increases at a decreasing rate.C. Total utility decreases at an increasing rate.D. Marginal utility decreases at an increasing rate.
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