Multiple Choice
What is marginal utility?
A) The change in total utility divided by the price of the last unit of a good or service consumed.
B) The change in total utility a person receives from consuming an additional unit of a good or service.
C) The utility from consuming a given quantity of a good or service.
D) The decrease in total utility from consuming more and more units of a good or service.
Correct Answer:
Verified
Correct Answer:
Verified
Q23: Behavioural economics is<br>A)the study of how people
Q24: Psychologists Daniel Kahneman and Amos Tversky conducted
Q25: How is total utility maximised in the
Q26: Figure 6.2 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1015/.jpg" alt="Figure 6.2
Q27: What is the additional utility that George
Q29: Figure 6.7 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1015/.jpg" alt="Figure 6.7
Q30: If Lisa spends her income on veggie
Q31: During a study session for an economics
Q32: Table 6.7 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1015/.jpg" alt="Table 6.7
Q261: The income effect of a price increase