Can08L1
1
The satisfaction that a person receives from consuming a good or service is called ______________.
total utility
marginal utility
marginal benefit
utility
2
Marginal utility theory assumes that when Sally consumes more of a good that she likes, her _________________.
total utility increases
income increases
marginal utility increases
total utility is maximized
3
Mark's marginal utility from reading books is the _______ when he reads ____________ .
total utility he gets; one more book
consumer surplus he gets; books
change in his total utility; more books
change in his total utility; one additional book
4
As you consume more and more of any good, you experience ___________________ utility.
diminishing marginal
diminishing total
increasing marginal
negative marginal
5
With a given income and prices of goods, Marcus will be in a consumer equilibrium if ______________________.
his marginal utility from all goods is the same
he purchases the same amounts of all goods
he saves some of his income for the future
he maximizes his total utility
6
The marginal utility per dollar spent is equal to the ______________ consumed divided by the price of the good.
marginal utility from all units
average utility from the units
total utility from all units
marginal utility from the last unit
7
Liane maximizes her total utility when she allocates all of her available income such that the marginal utility per dollar spent on each good _________.
is increasing
is diminishing
is maximized
is the same
8
The relationship between total quantity demanded and the price is called the _________ demand.
total
equilibrium
market
marginal
9
The market demand curve for CDs is the _______ of all the individual demand curves for CDs.
sum
horizontal sum
horizontal product
vertical sum
10
Marginal utility theory shows us that a rare gem which we value highly has a _______marginal utility and a _______ total utility.
small; small
large; small
small; large
large; large
Please enter your name and press the SEND button