If utility is not maximized, then:
A) some change in consumption will increase satisfaction.
B) no change in consumption will increase utility.
C) only a change in income will increase utility.
D) only a change in price will increase utility.
E) the principle of diminishing marginal utility does not hold.
Correct Answer:
Verified
Q2: Utility is most closely defined by which
Q3: Which of the following best describes the
Q4: A util:
A) can measure satisfaction with factual
Q6: The marginal utilities associated with the first
Q7: In the context of consumer choice theory,
Q8: When total utility is at a maximum,
Q9: Utility is
A)easily measured because all people derive
Q9: John loves to travel. He would never
Q10: What term do economists use to refer
Q11: _ is the subjective measure of the
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