Multiple Choice
Which of the following statements is true?
A) An extra dollar earned by a millionaire necessarily brings him or her less utility than an extra dollar earned by a poor person.
B) If marginal utility is constant, then total utility for two units of a good is equal to the marginal utility of the second unit of the good.
C) The marginal and total utility of a good are the same for the first unit of the good.
D) Total utility will rise if marginal utility is negative.
E) a and c
Correct Answer:
Verified
Correct Answer:
Verified
Q169: Marginal utility is<br>A)the extra satisfaction derived from
Q170: Exhibit 20-2<br><br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 20-2
Q171: Explain how the conditions for consumer equilibrium
Q172: Exhibit 20-6<br><br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 20-6
Q173: Suppose you are consuming a particular good
Q175: For the consumer, a point on an
Q176: Exhibit 20-8<br><br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 20-8
Q177: Economists use the term utility to mean
Q178: Don receives 100 utils from consuming two
Q179: Consumer equilibrium exists when<br>A)marginal utility for all