her more or less utility than 68. Higher total utility is represented by indiffe

Question

her more or less utility than 68. Higher total utility is represented by indifference curve A) a higher B) a lower C) movement leftward along an D) movement rightward along an 69. The is the maximum amount of good X a consumer would be willing to give to obtain an additional unit of good Y. A) marginal rate of substitution B) marginal rate of utility exchange C) average rate of substitution D) marginal rate of exchange 70. If a consumer moves downward along an indifference curve, his or her total utilit A) B) C) D) remains constant. first decreases, then increases. decreases. first increases, then decreases. 71. Th e relation between an individual's consumption bundle and her satisfaction function. A) demand B) production C) consumption D) utility a particular consu 72·The utility of a good is determined by how much from it. A) satisfaction B) usefulness C) cost D) need fulfillment

Explanation / Answer

1- higher total utility is the one that is represented by a higher indifference curve ,

so answer is higher

2- marginal rate of substitution is the rate ta whivch we are able to substitute one good for other such that the level of satisfaction remains the same,

so answer is A

3- an indiference curve is the one that shows various combination of two comodities that a consumer can consume with same level of utility,

so answer is "remains constant"

4- utility function is the one that shows the relation between the consumption and the satisfaction of the consumer, the satisfaction is measured in terms of utils

so answer is D

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