Economics Study Set 4

Business

Quiz 10 :
Consumer Choice and Behavioral Economics

Quiz 10 :
Consumer Choice and Behavioral Economics

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Economists assume that the goal of consumers is to
Free
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Answer:

B

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Utility is
Free
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Answer:

B

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Marginal utility is the
Free
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Answer:

C

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As a consumer consumes more and more of a product in a particular time period,eventually marginal utility
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If a consumer receives 22 units of marginal utility for consuming the first can of soda,20 units from consuming the second,and 15 from the third,the total utility of consuming the three units is
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If a consumer receives 20 units of utility from consuming two candy bars,and 25 units of utility from consuming three candy bars,the marginal utility of the third candy bar is
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If a consumer receives 20 units of utility from consuming two candy bars,and 25 units of utility from consuming three candy bars,the marginal utility of the second candy bar is
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Total utility
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If,as a person consumes more and more of a good,each additional unit adds less satisfaction than the previous unit consumed,we are seeing the workings of
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The law of diminishing marginal utility states that
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Marginal utility can be
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Which of the following is likely to occur as the result of the law of diminishing marginal utility?
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If,when you consume another piece of candy,your marginal utility is zero,then
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Consumers have to make tradeoffs in deciding what to consume because
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If your total satisfaction increases when you consume another unit,your marginal utility must be
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If total utility increases at a decreasing rate as a consumer consumes more coffee,then marginal utility must
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An item has utility for a consumer if it
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Suppose your marginal utility from consuming the 3rd slice of cake is zero,then your total utility from consuming cake is
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Consumers maximize total utility within their budget constraint by
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If a consumer always buys goods rationally,then
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