What is marginal utility?
A) Total satisfaction received from consuming a given number of units of a product.
B) Average satisfaction received from consuming a product.
C) Extra satisfaction received from consuming one more unit of a product.
D) Satisfaction achieved when a consumer has had enough of a product.
Correct Answer:
Verified
Q1: How do consumers maximise total utility within
Q2: If, when you consume another piece of
Q3: Why do consumers have to make trade-offs
Q7: Marginal utility can be
A)negative.
B)zero.
C)positive.
D)positive, negative, or zero.
Q8: If a consumer always buys goods rationally,
Q10: If a consumer receives 20 units of
Q13: An item has utility for a consumer
Q18: If total utility increases at a decreasing
Q18: If, as a person consumes more and
Q19: Which of the following is likely to
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