C quantties of a particular good that a consumer wil buy at varicus prices D. ra
ID: 1123783 • Letter: C
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C quantties of a particular good that a consumer wil buy at varicus prices D. ratio of money income to product price 14. To the economist, botal cost inclkudes A explict and implicit costs, including a normal prof B, neither implicit nor expicit costs C. impicit, but not explicit, costs D. explicit, but not implicit, costs Microeconomics Review Test 83 Fall 2017 126/2017 Name: YOU MUST SHOW YOUR CALCULATION TO EARN POINTS 1. Utility A is synonymous with usefulness. B. is want-satstying power. C. is easy to quanofy. D, rarely varies from person to person. 2. Marginal utlity can be: A. positive, but not negative. B. positive or negative, but not zero. C positive, negative, or zero. D. decreasing, but not negative. 3. A product has utility if it A. takes more and more resources to produce successive units of it B. violates the law of demand C. satisfies consumer wants D. is useful 4. The law of diminishing marginal utility states that: A. total utility is maximized when consumers obtain the same amount of ubility per unit of each product consumed. B. beyond some point additional units of a product will yield less and less extra satisfaction to a consumer C price must be lowered to induce firms to supply more of a product D. it will take larger and larger amounts of rescurces beyond some point to produce successive units of a product 5. Utlity refers to the A. satisfaction that a consumer derives from a good or service. B rale of decline in a product demand curve. C relative scarcity of a product D. useluness of a product 6. Total utlity may be determined by A mutiplying the marginal utility of the last unit consumed by the number of units consumed B. summing the marginal ublites of each unit consumed C multiplying the marginal utlity of the last unit consumed by product price D. multiplying the marginal utility of the first unit consumed by the number of units consumed 7. Where total utlity is at a maximum, marginal utlity is:Explanation / Answer
1> B
Utility is a term used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
2> c
It can hold any value
3> c
Utility is dependent on what consumers want.
4> B
Yes, the option b interprets diminishing marginal utility correctly
5> A
Utility is a term used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
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