Question 1

The _____ effect is the change in consumption resulting from a change in the relative prices of two goods.

Accepted Answer

A)  substitution 
B)  income 
C)  relative utility 
D)  Hawthorne 
A)  substitution 
B)  income 
C)  relative utility 
D)  Hawthorne

Question 2

A util is:

Accepted Answer

A)  an objective measure of satisfaction with a universal interpretation. 
B)  the difference between total utility and average utility. 
C)  a subjective measure of satisfaction with no standard interpretation. 
D)  the total utility received from all units of consumption. 
A)  an objective measure of satisfaction with a universal interpretation. 
B)  the difference between total utility and average utility. 
C)  a subjective measure of satisfaction with no standard interpretation. 
D)  the total utility received from all units of consumption.

Question 3

The idea that the way a good is presented, such as setting its price slightly lower than another option, will affect people's decision about a good is called:

Accepted Answer

A)  consumers like choices but not too many. 
B)  people like fairness. 
C)  susceptibility to framing. 
D)  bounded rationality. 
A)  consumers like choices but not too many. 
B)  people like fairness. 
C)  susceptibility to framing. 
D)  bounded rationality.

Question 4

Use the table Jackson's Total Utility for Cupcakes. What is the marginal utility of Jackson's fifth cupcake?
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Accepted Answer

A)  5 
B)  20 
C)  75 
D)  -5 
A)  5 
B)  20 
C)  75 
D)  -5

The _____ effect is the change in consumption resulting from a change in the relative prices of two goods.

A util is:

The idea that the way a good is presented, such as setting its price slightly lower than another option, will affect people's decision about a good is called:

Use the table Jackson's Total Utility for Cupcakes. What is the marginal utility of Jackson's fifth cupcake?

Foundations of Economics

Extension: Understanding Graphs

Markets and Economies

Demand

Supply

Market Equilibrium

Elasticity

Production Costs

Perfect Competition

Market Power

Factor Markets

Market Failure and Government Failure

Measuring an Economys Performance

Aggregate Demand and Aggregate Supply

Fiscal Policy

Money and Banking

Monetary Policy

Economic Growth and Development

International Trade and Finance

Filters

Exam 7: Consumer Behavior

The _____ effect is the change in consumption resulting from a change in the relative prices of two goods.

A util is:

The idea that the way a good is presented, such as setting its price slightly lower than another option, will affect people's decision about a good is called:

Use the table Jackson's Total Utility for Cupcakes. What is the marginal utility of Jackson's fifth cupcake? ​

Foundations of Economics

Extension: Understanding Graphs

Markets and Economies

Demand

Supply

Market Equilibrium

Elasticity

Production Costs

Perfect Competition

Market Power

Factor Markets

Market Failure and Government Failure

Measuring an Economys Performance

Aggregate Demand and Aggregate Supply

Fiscal Policy

Money and Banking

Monetary Policy

Economic Growth and Development

International Trade and Finance

Filters

Use the table Jackson's Total Utility for Cupcakes. What is the marginal utility of Jackson's fifth cupcake?