Multiple Choice
Refer to the following graph to answer the following questions:
-Which of the following statements is true?
A) Water costs more than diamonds.
B) The total utility of diamonds is greater than the total utility of water.
C) The marginal utility of water is greater than the marginal utility of diamonds.
D) The diamond-water paradox does not exist.
E) The total utility of water is greater than the total utility of diamonds.
Correct Answer:
Verified
Correct Answer:
Verified
Q3: To maximize one's satisfaction when deciding between
Q4: Refer to the following figure:<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4871/.jpg"
Q5: Refer to the following figure:<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4871/.jpg"
Q6: Budget constraint is the<br>A) set of consumption
Q7: Refer to the following figure to answer
Q9: The power of indifference curve analysis is
Q10: If the price of a good decreases,the
Q11: The rate at which a consumer is
Q12: Refer to the following table to answer
Q13: As marginal utility decreases,total utility<br>A) decreases by