When consumers maximize utility, they are equating the ratio of total utility to price across all goods consumed.
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Q183: The total amount of satisfaction yielded by
Q184: Total utility can be positive even when
Q185: The law of diminishing marginal utility implies
Q186: A negative marginal utility implies negative total
Q187: The diamond/water paradox helps to illustrate the
Q189: A person maximizes utility when he equalizes
Q190: The law of _ refers to a
Q191: The ratio of the marginal utility of
Q192: The _ states that things with the
Q193: The law of diminishing marginal utility implies
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