Marginal utility is total utility divided by the number of units consumed.
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Q13: When total utility is at a maximum,
Q14: When the price of a product falls,
Q15: If marginal utility is diminishing, total utility
Q16: Noncash gift-giving involves value loss when the
Q17: If the price of a good increases,
Q19: The price of chicken = $5, while
Q20: The income effect explains an exception to
Q21: The income and substitution effects will both
Q22: Each point on a single indifference curve
Q23: A parallel shift in a budget line
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