Marginal utility refers to the Multiple Choice additional utility from consuming the last unit of a good or service. change in utility from the last unit consumed of a good or service. utility derived from consuming all of the good or service. opportunity cost of a good or service.

Marginal utility refers to the Multiple Choice additional utility from consuming the last unit of a good or service. change in utility from the last unit consumed of a good or service. utility derived from consuming all of the good or service. opportunity cost of a good or service.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Consumer Choice Theory

Section: Chapter Questions

Problem 1SQ

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Question

Marginal utility refers to the

Multiple Choice

additional utility from consuming the last unit of a good or service.
change in utility from the last unit consumed of a good or service.
utility derived from consuming all of the good or service.
opportunity cost of a good or service.

Definition Definition Satisfaction derived from the consumption of an additional unit of any commodity.

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Marginal utility is defined as the increment to total utility that results from the consumption of one more unit of some good or service. The equation for marginal utility is: Group of answer choices The change in total utility / the change in quantity The change in total utility / the change in total revenue The change in quantity / the change in total utility Total revenue / quantity demanded
Optimal consumption refers to Multiple Choice the mix of products that maximizes total utility for the limited amount of income consumers have to spend. the total number of products that maximizes total utility for consumers. the maximum total utility a consumer receives by the consumption of one more item. the amount demanded that will create the strongest economy.
A consumer can maximize utility relative to their budget if they consume where Question 22 options: they spend the least money possible. marginal utility has fallen to zero. they buy an equal number of all goods. marginal utility per dollar for all goods are equal.
The law of diminishing marginal utility A) refers to the fall in additional satisfaction created by consumption of additional units of a good. B) refers to the idea that total utility can be negative. C) refers to the decrease in total satisfaction as more units of the good are consumed. D) all of the above.
_______________ refers to the willingness and ability of buyers to purchase different quantities of a good at different prices during a specific time period whereas __________________ refers to a specific number of units buyers want to buy at a specific price.
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
True/False Marginal utility refers to the satisfaction or pleasure that occur due to the additional consumption of one more unit
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The law of diminishing marginal utility states that.. price must be lowered to induce firms to supply more of a product. beyond some point, additional units of a product will yield less and less extra satisfaction to a consumer. it will take larger and larger amounts of resources beyond some point to produce successive units of a product. total utility is maximized when consumers obtain the same amount of utility per unit of each product consumed.
The marginal utility derived from the consumption of extra unit of commodity. True/False
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When the consumer buys 60 units of quantity of goods at a price of 3 per unit what would be the total expenditure!!!!