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Please help with these questions Question 1 0.8 pts Marginal utility O occurs when a consumer...
Please help with these questions Question 21 0.8 pts exist(s) when a consumer is completely indifferent between two goods O Imperfect selection Improper preference Perfect complements Perfect substitutes O Perfect indifference Question 22 0.8 pts The concept of diminishing marginal utility means that a graph representing total utility will be impossible to generalize without a data set. upward-sloping. O upward-facing concave. Odownward-sloping. downward-facing concave Question 23 0.8 pts If a combination of items exists to the right of the budget...
Please help with these questions Question 11 0.8 pts The point at which a certain combination of two goods yields the most utility is the maximization point interference point. balance point intersection curve Oindifference point Question 12 0.8 pts Someone who is not a "morning person" is often heard saying, "l'm cranky until I've had a cup of coffee." After that first cup of coffee (and a mood improvement), the person experiences the uncommon phenomenon of That is, of course,...
Please help with these questions Question 6 0.8 pts In many competitive eating contests, participants must keep their food "down" in order to have a chance to win. If competitors are unable to meet this qualification, it is probable that marginal utility is Oslowing O negative. O decreasing. zero O positive Question 7 0.8 pts The additional satisfaction derived from consuming one more unit of a good or service is called the real-income effect. diminishing marginal utility marginal utility the...
Please help with these questions Question 16 0.8 pts The combinations that a consumer can afford line, and the area underneath, contain all of the possible indifference 0 redaction O Maginot O optimization O budget constraint Question 17 0.8 pts Since two goods are subject to diminishing marginal utility, the marginal rate of substitution is O always increasing O variant constant. the inverse slope of the indifference curve. O always decreasing. Question 18 0.8 pts Utility is a balance between...
Question 42 (2 points) When presented with two choices for afternoon entertainment, Riana has a clear favorite: going to the movies provides her with 40 utils, while attending a baseball game provides 32 utils. The price for both tickets is $5, causing Riana to choose the movies. What price for a baseball game ticket would cause Riana to choose that instead? 1) $3.99 2) $420 3) $4.01 4) 1.60
Question 5 2 p The marginal-utility-to-price ratio is a representation of the: total satisfaction a consumer gets from a good additional satisfaction a consumer gets from a good satisfaction per dollar spent that a consumer gets from a good law of demand
3) he theory of consumer behavior assumes that consumers attempt to maximize A) marginal utility. 1) the difference between total and marginal utility. C) average utility. D) total utility. 34) The law of diminishing marginal utility states that A) beyond some point, additional units of a product will yield less and less extra satisfaction to a consumer. B) price must be lowered to induce firms to supply more of a product C) it will take larger and larger amounts of...
1) If a consumer is currently maximizing her satisfaction, what will happen to the marginal utility of a good when its price increases? The marginal utility will____ a. Increase, because the consumer will decrease her consumption of the good b. Decrease, because the consumer will increase her consumption of the good c. Decrease, because the consumer will decrease her consumption of the good d. Increase, because the consumer will increase her consumption of the good 2) the fixed cost of...
Question 13 (1 point) In consumer equilibrium, which of the following is true? The marginal utility from the consumption of each good is the same. The marginal utility from the consumption of each good is zero. The marginal utility from the consumption of the last dollar's worth of each good is the same. The total utility from the consumption of each good is the same.
A consumer who has a limited budget will maximize utility or satisfaction when the 1 Multiple Choice 0 ratlos of the marginal utility of each product purchased divided by its price are equal. 0 total utility derived from each product purchased is the same. 0 marginal utility of each product purchased is the same. 0 price of each product purchased is the same.