Multiple Choice
Economists use the term "marginal utility" to describe the
A) inverse of the measure of total utility.
B) average utility of each unit of a good consumed.
C) change in total satisfaction caused by consumption of an additional unit of a good.
D) price paid for every unit consumed.
E) total satisfaction received from consumption of a good.
Correct Answer:

Verified
Correct Answer:
Verified
Q56: The "law" of diminishing marginal utility implies
Q57: The table below shows the total
Q58: Consider the income and substitution effects of
Q59: Consider a consumer who divides his income
Q60: Bjorn is a student with a monthly
Q62: Consider the income and substitution effects of
Q63: The substitution effect of a price change
Q64: The substitution effect is<br>A)the change in quantity
Q65: The table below shows the quantities
Q66: When a consumer's marginal rate of substitution