Which statement is true? ( LO1 ) The utility of a plasma TV is greater than the
ID: 1250559 • Letter: W
Question
Which statement is true? (LO1)
The utility of a plasma TV is greater than the utility of a 2001 Honda Accord.
A $50 ticket to a Broadway show provides the ticket-holder with more utility than a $100 ticket to a different Broadway show.
No one would pay for a service that provided him with no utility.
A one-hour dance lesson would provide ten different people with exactly the same utility.
If this year's Nobel Prize winner in physics gives a free lecture at your school and just eight people attend, you may conclude that __________. (LO1)
no one derived any utility from his lecture
none of the people who attended would have come if there had been an admission fee
the lecture must have been at an inconvenient time.
at least some of the people who attended enjoyed a consumer surplus.
Which statement would be true about a person who goes to an all-you-can-eat restaurant? (LO2)
She will never eat more food than she would at a regular restaurant.
She will eat until closing time.
She will eat until the marginal utility of the last portion of food is zero.
She will keep eating while her marginal utility is rising.
Price gouging can take place only when __________. (LO1, 6)
there is a natural disaster
buyers are poorly informed about market conditions
some buyers are willing to pay the asking price, however high
the forces of supply and demand are not operating
Price gouging will __________. (LO6)
raise consumer surplus
lower consumer surplus
have no effect on consumer surplus
If food were free in your school cafeteria, you would keep eating until __________. (LO2)
your total utility was zero
your marginal utility was zero
your consumer surplus was zero
you were sick
Explanation / Answer
1.) 3 2.) 4 3.) 3 4.) 3 5.) 3 6.) 2
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