1. Anything that satisfied someone. A. Needs                              C. Desires B. Wants                              D. Willingness

Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
Chapter3: Preferences And Utility
Section: Chapter Questions
Problem 3.6P
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Choose the best/correct answer.

___1. Anything that satisfied someone.

A. Needs                              C. Desires

B. Wants                              D. Willingness

 

___2. A place where buyers and sellers interact together.

A. Social media                   C. Market

B. Business Area                 D. Classified Ads

 

___3. It is the satisfaction derived from the consumption of a commodity.

A. Total utility                      C. Disutility

B. Marginal utility                D. Utility

 

___4. It is the change of total utility over the change of quantity.

A. Total utility                       C. Disutility

B. Marginal utility                 D. Utility

 

___5. It is the foregone value when a firm is engaged in production.

A. Cost                                  C. Revenue

B. Profit                                 D. Interest

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