Marginal benefit is the ______ price that a consumer ______ for an extra unit of a...
Homework Answers
Marginal Benefit is nothing but the maximum price that a customer or a consumer is actually willing to pay to obtain a particular good such that the total utility that is experienced from that good is actually maximised all in all
Therefore (D) is the answer.
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Marginal benefit is the ______ price that a consumer ______
for an extra unit of a...
3) he theory of consumer behavior assumes that consumers attempt to maximize A) marginal utility. 1)...
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...
MwSt Saleso... Download Loc 1. The change in total satisfaction that experiences from consuming one more unit of a g...
MwSt Saleso... Download Loc 1. The change in total satisfaction that experiences from consuming one more unit of a good is called Open with a. total utility. C. elasticity. b. marginal utility d. diminishing utility. is called 2. As more Big Macs are consumed each day, the marginal utility that a person gets from each additional Big Mac tends to a. rise at a steady rate. b. decrease. c. remain constant. d. accelerate. 3. Suppose a consumer wants to obtain...
Indicate whether the following statements are True or False a)Total utility is the benefit received from...
Indicate whether the following statements are True or False a)Total utility is the benefit received from consuming an extra unit of a good b)According to the principle of diminishing marginal utility, as an individual consumes more and more of a good or service ,the total utility increases while the marginal utility decreases c)Tom's marginal utility from a Sobe exceeds his marginal utility of crackers.Therefore , his total utility of Sobe must exceed his total utility of crackers d)Marginal utility diminishes...
If there is a market outcome in which the marginal benefit to consumers of the last...
If there is a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost, then A. maximum deadweight loss occurs. B. profits are maximized. C. allocative efficiency is achieved. D. costs are minimized. Also, A. deadweight loss is less than zero. B. consumer surplus equals producer surplus. C. quantity demanded is greater than quantity supplied. D. total economic surplus is maximized.
A consumer with a fixed income will maximize utility when each good is purchased in amounts such that the: A-...
A consumer with a fixed income will maximize utility when each good is purchased in amounts such that the: A- Marginal utility per dollar spent is maximized for each good B- Marginal utility of each good is maximized C-Marginal utility per dollar spent is the same for all goods D- Average utility per dollar spent is the same for all goods E- Total utility is the same for each good
Please answer all following questions Question 3 (The answer is Not D) The following are proper...
Please answer all following questions Question 3 (The answer is Not D) The following are proper descriptions about the Demand Curve for certain good X, EXCEPT: a)It reflects the price the consumer is required to pay per unit consumed. b)It reflects the maximum price the consumer is able and willing to pay for each extra unit consumed. c)It is expected to have a negative slope. d)At any point on the demand, the marginal cost of consumption equals the marginal benefit...
uestion J4ttpoin A reservation price reflects the market price of a good or service. reflects the...
uestion J4ttpoin A reservation price reflects the market price of a good or service. reflects the price required to guarantee that a consumer will be able to purchase an item. represents the average benefit of a good to consumers in the market represents the maximum a consumer is willing to pay for a good or service
Quantity (slices of pizza) Total utility 12) The table above gives Matt's utility from consuming slices...
Quantity (slices of pizza) Total utility 12) The table above gives Matt's utility from consuming slices of pizza. As Matt consumes m m consuming slices of pizza. As Matt consumes more slices of pizza, he A) obtains greater amounts of marginal utility. B) has diminishing total utility. C) has diminishing marginal utility. D) obtains less total utility. 13) When total utility is at a maximum A) marginal utility is zero. B) marginal utility is equal to total utility. C) marginal...
1) If a consumer is currently maximizing her satisfaction, what will happen to the marginal utility...
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...
If you are at the point of consumer equilibrium, which of the following is true? a....
If you are at the point of consumer equilibrium, which of the following is true? a. You have maximized your total utility. b. You have not yet reached the point where marginal utility is zero. c. You have not maximized your marginal utility. d. You have not yet reached your maximum total utility.
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...
MwSt Saleso... Download Loc 1. The change in total satisfaction that experiences from consuming one more unit of a good is called Open with a. total utility. C. elasticity. b. marginal utility d. diminishing utility. is called 2. As more Big Macs are consumed each day, the marginal utility that a person gets from each additional Big Mac tends to a. rise at a steady rate. b. decrease. c. remain constant. d. accelerate. 3. Suppose a consumer wants to obtain...
uestion J4ttpoin A reservation price reflects the market price of a good or service. reflects the price required to guarantee that a consumer will be able to purchase an item. represents the average benefit of a good to consumers in the market represents the maximum a consumer is willing to pay for a good or service
Quantity (slices of pizza) Total utility 12) The table above gives Matt's utility from consuming slices of pizza. As Matt consumes m m consuming slices of pizza. As Matt consumes more slices of pizza, he A) obtains greater amounts of marginal utility. B) has diminishing total utility. C) has diminishing marginal utility. D) obtains less total utility. 13) When total utility is at a maximum A) marginal utility is zero. B) marginal utility is equal to total utility. C) marginal...
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