Multiple Choice
Utility refers to the
A) Satisfaction obtained from a good or service.
B) Additional satisfaction obtained from one more unit of a good or service.
C) Willingness to buy specific quantities of a good or service at a particular price.
D) Decrease in satisfaction as more of a good or service is consumed.
Correct Answer:
Verified
Correct Answer:
Verified
Q21: Graphically,as a consumer buys more of a
Q22: Consumer theory predicts that a consumer will
Q23: If marginal utility is negative,then<br>A)Total utility will
Q24: Marginal utility is the<br>A)Change in total utility
Q25: Two indifference curves can cross one another.
Q27: Which of the following is not a
Q28: Refer to Figure 19.2.The total utility of
Q29: Explain the benefits consumers enjoy from competitive
Q30: The point where the budget constraint and
Q31: Price discrimination occurs when<br>A)Minorities pay a higher