Economists use the term "marginal utility" to describe the
A) average utility of each unit of a good consumed.
B) change in total satisfaction caused by consumption of an additional unit of a good.
C) price paid for every unit consumed.
D) inverse of the measure of total utility.
E) total satisfaction received from consumption of a good.
Correct Answer:
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Q18: The idea that the utility a consumer
Q19: The real purchasing power of an individual
Q20: If total utility is decreasing as more
Q22: If the price of a normal good
Q24: Marginal utility analysis predicts a downward- sloping
Q25: As a consumer moves along an indifference
Q26: In economics, the term "utility" is defined
Q27: The substitution effect is
A) the change in
Q28: A consumer maximizes his or her utility
Q39:
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