Microeconomics Mcqs

The amount by which an additional unit of a good or service increases a consumer’s total utility, all other things unchanged, is:

The marginal utility for the second unit is:

The marginal utility for the sixth unit is:

The amount by which total utility rises when an additional unit of a good is consumed is called:

Assume that the price of good X is $1 per unit and the price of good Y is $2 per unit, and you consume 4 units of good X and 2 units of good Y. To maximize utility, assuming that the goods are divisible, you would consume:
Which of the following equals marginal utility per $1?
A change in the ability to purchase a good because its price has increased is most closely related to the:
Total utility falls as marginal utility declines.
When MUx/Px > MUy/Py, the buyer should decrease the quantity of X purchased.
Total utility is maximized when marginal utility per additional dollar spent is the same for all goods

Need help with this assignment or a similar one? Place your order and leave the rest to our experts!

Order Now

Quality Assured!

Always on Time

Done from Scratch.