John loves to travel. He would never turn down the opportunity to go on a trip. This means that, for John:
A) the total utility of travel always increases.
B) marginal utility of travel never decreases.
C) the law of diminishing marginal utility does not apply to travel.
D) marginal utility of travel is always zero.
E) extra travel yields zero consumer surplus.
Correct Answer:
Verified
Q4: A util:
A) can measure satisfaction with factual
Q6: The marginal utilities associated with the first
Q7: In the context of consumer choice theory,
Q8: When total utility is at a maximum,
Q9: Utility is
A)easily measured because all people derive
Q10: What term do economists use to refer
Q11: _ is the subjective measure of the
Q12: A util represents a unit of measurement
Q13: Utility refers to the:
A) relationship of demand
Q14: The term utility refers to the:
A) usefulness
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents