Which of the following statements is true?
A) As we consume more of a good,utility will increase even if the good is subject to diminishing marginal utility.
B) As we consume more of a good,utility will increase unless the good is subject to diminishing marginal utility.
C) Marginal utility is just another name for utility.
D) We cannot rank utility from two different consumption bundles.
Correct Answer:
Verified
Q3: Utility is a measure of
A) the satisfaction
Q4: Joshua has income endowment of $1,000,the price
Q5: Which of the following will increase consumption
Q6: If the prices of food and non-food
Q7: An indifference curve is _.
A) all the
Q9: Consumers' preference are described by
A) indifference curves.
B)
Q10: The substitution effect can be measured by
Q11: When consumers receive distributions of free rise,the
Q12: Suppose there is a reduction in the
Q13: All of the following statements are true
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