The marginal utility derived from consuming water is ____ and the total utility derived from consuming water is ______.
A) Low, low
B) High, high
C) Low, high
D) High, low
Correct Answer:
Verified
Q11: An inferior good is one for which:
A)
Q12: The level of effective demand for a
Q13: During a recession, customers tend to:
A) Increase
Q14: Diminishing marginal utility leads to the demand
Q15: The divergence between marginal and total utility
Q17: Relative to water, the marginal utility derived
Q18: When consuming a large meal in a
Q19: Utility is maximised when:
A) Total utility is
Q20: If the quantity demanded for a good
Q21: What is the price if the quantity
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