Reference no: EM13987129
If a restaurant served free steaks, people would consume more and more steaks until their ________ fell to zero.
marginal utility
total utility
consumer surplus
none of these
If food were free in your school cafeteria, you would keep eating until
your total utility was zero
your marginal utility was zero
your consumer surplus was zero
you were sick
Table-Demand and Utility Table for action figures:
Price Quantity Demanded
$14 1
$12 2
$10 3
$8 4
$6 5
What is tommy's total utility for 5 action figures?
Suppose you buy eight pairs of shoes every spring. This year, your shoe store has a huge sale and you end up buying 12 pairs. How does your consumer surplus now compare to how much it would have been had there been no sale?
its definitely higher
its probably higher
remains the same
definitely lower
Marginal utility
is the usefulness a consumer derives from a certain good or service.
is the utility a consumer derives from a certain good or service.
increases as more of a good or service is consumed.
is the additional utility derived from consuming one more unit of a good or service
As you buy more and more of an item, your total utility ____ and your marginal utility ____.
rises;rises
falls;falls
rises;falls
falls;rises
If Rachel bought too many hot dogs, her marginal utility would become negative and her total utility would
rise more slowly
stop rising
begin to fall
become negative
A person who wishes to maximize his or her satisfaction from the consumption of a product should consume until
marginal utility is maximized.
marginal utility is equal to total utility.
total utility is equal to zero.
marginal utility is equal to zero.
total utility begins to increase.
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Problem regarding the possible from coercive forces
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What are some of the health ramifications of ecigarettes
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Give three reasons why the purchasing power parity condition
: Describe aggregate supply from a classical economist’s perspective. P(t) = US$2 per coconut; E(t) = MX$1 per US$; P ROW(t) = MX$3 per coconut. a. What is the real exchange rate? b. Does purchasing power parity hold? Give three reasons why the purcha..
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Assume purchasing power parity holds
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People would consume more and more steaks
: If a restaurant served free steaks, people would consume more and more steaks until their ________ fell to zero. If food were free in your school cafeteria, you would keep eating until. Suppose you buy eight pairs of shoes every spring. This year, yo..
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How might karen have structured the transaction in part a
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Problem regarding the firm total market value
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Business opportunities in the green home building industry
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Describe the expected outcome and follow up plan
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