115. the market demand curve can be considered to be a ___ curve.a) marginal benefit b) marginal cost c) total benefit d) totalcost.
135. Common property resources tend to be ___ through market. a)overpriced b) efficiently priced c) overconsumed. d)underconsumed.
136. the amount by which total utility increases when an additionalunit of a good is consumed is called _____ utility. a) average. b)additional c) maximum d) marginal
137. The utility of a good is determined by how much ___ aparticular consumer obtains from it. a) satisfaction b) usefulness.c) cost d) need fulfillment.
145. Assume that the total utilities corresponding to the firstfive units of a product consumed are 14, 20, 25, 29, 32,respectively. The marginal utility of the thrid unit is
a) 5 b) 6 c) 20 d)25
149. The law of diminishing marginal utility exists for the firstthree units of a good if htey have total utilities of: a) 8, 17,27. b) 9,17, 27. c) 9, 19, 30 d) 10, 19, 27
151. In dealing with utility, we assume that the ability ofconsumers to purchase goods and services is
a) infinite b) irrelevant c) limited d) infinitesimal
152. Which of the following statements is/ are true?
a) consumers are constrained by a budget
b) if a consumer decides to spend more on one good, he or she mustdecide tospend less on another good to satisfy the budgetconstraint.
c) the marginal decision rule states that an activity should beexpanded if its marginal benefit exceeds its marginal cost.
d) all of the above statements are true.
Thank u for ur help
115. the market demand curve can be considered to be a ___ curve.a) marginal benefit b) marginal cost c) total benefit d) totalcost.
135. Common property resources tend to be ___ through market. a)overpriced b) efficiently priced c) overconsumed. d)underconsumed.
136. the amount by which total utility increases when an additionalunit of a good is consumed is called _____ utility. a) average. b)additional c) maximum d) marginal
137. The utility of a good is determined by how much ___ aparticular consumer obtains from it. a) satisfaction b) usefulness.c) cost d) need fulfillment.
145. Assume that the total utilities corresponding to the firstfive units of a product consumed are 14, 20, 25, 29, 32,respectively. The marginal utility of the thrid unit is
a) 5 b) 6 c) 20 d)25
149. The law of diminishing marginal utility exists for the firstthree units of a good if htey have total utilities of: a) 8, 17,27. b) 9,17, 27. c) 9, 19, 30 d) 10, 19, 27
151. In dealing with utility, we assume that the ability ofconsumers to purchase goods and services is
a) infinite b) irrelevant c) limited d) infinitesimal
152. Which of the following statements is/ are true?
a) consumers are constrained by a budget
b) if a consumer decides to spend more on one good, he or she mustdecide tospend less on another good to satisfy the budgetconstraint.
c) the marginal decision rule states that an activity should beexpanded if its marginal benefit exceeds its marginal cost.
d) all of the above statements are true.
Thank u for ur help
Related textbook solutions
Related questions
budget line
marginal utility
complete property of preferences
market demand
consumption bundle
substitution effect
Giffen good
total effect
income effect
transitive property of preferences
indifference curves
utility
the marginal rate of substitution
utility function
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1. |
_____ |
The satisfaction or benefit that consumers receive from consuming goods or services.
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2. |
________________ _ |
A particular combination of specific quantities of goods or services |
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3. |
________________ _ |
Consumers can rank all conceivable bundles of goods or services |
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4. |
_____ |
If A is preferred to B, and B is preferred to C, then A is always preferred to C. |
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5. |
_____ |
Equation showing a consumerâs perception of the total utility forthcoming from consuming each bundle of goods and services. |
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6. |
_____ |
A set of consumption bundles each and every one of which provides a consumer with exactly the same level of total utility. |
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7. |
_____ |
The number of units of Y that must be given up for total utility to remain the same when one more unit of X is consumed. |
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8. |
_____ |
The addition to total utility attributable to consuming one more unit of a good, holding the consumption of all other goods constant. |
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9. |
_____ |
The line showing all bundles of goods that can be purchased at given prices if the entire income is spent. |
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10. |
_____ |
The change in the consumption of a good that would result if the consumer remained on the original indifference curve after the price of the good changes. |
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11. |
_____ |
The change in consumption of goods results strictly from the change in purchasing power after the price of a good changes. |
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12. |
________________ _ |
The sum of the substitution and income effects. |
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13. |
_____ |
A good for which quantity demanded varies directly with price, causing an upward sloping demand curve. |
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14. |
_____ |
A list of prices and the corresponding quantity consumers are willing and able to purchase at each price. |
