Mary is maximizing utility by eating three pancakes and two eggs. The principle of rational choice says that if there is diminishing marginal utility and the price of eggs rises, Mary will choose to eat more pancakes and fewer eggs.
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Q11: The consumption of an additional unit of
Q12: Suppose there is diminishing, but not negative,
Q13: The following table lists the utility
Q14: To calculate the marginal utility of consuming
Q15: Total utility refers to the:
A) total satisfaction
Q17: The principle of diminishing marginal utility states
Q18: If MUA/PA> MUB /PB, an individual should
Q19: Focal point equilibria definitely violate the principle
Q20: If marginal utility is declining but still
Q21: What is the total utility of
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