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Consumers Have to Make Tradeoffs in Deciding What to Consume

Question 14
Multiple Choice

Consumers have to make tradeoffs in deciding what to consume because A) not all goods give them the same amount of satisfaction. B) the prices of goods vary. C) they are limited by a budget constraint. D) there are not enough of all goods produced.

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Q 15
If your total satisfaction increases when you consume another unit,your marginal utility must be A) increasing. B) decreasing. C) negative. D) positive.
Q 16
If total utility increases at a decreasing rate as a consumer consumes more coffee,then marginal utility must A) remains constant. B) increase also. C) decrease. D) be negative.
Q 17
An item has utility for a consumer if it A) is scarce. B) has a high price. C) is something everyone else wants. D) generates enjoyment or satisfaction.
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