Question 10 Question 10 60 units of utility. 390 units of utility. 40 units of u

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Question 10 Question 10

60 units of utility. 390 units of utility. 40 units of utility. 50 units of utility. 60 units of utility. 390 units of utility. 40 units of utility. 50 units of utility. Question 11 Question 11 After 1. After 2. After 10. After 0. After 1. After 2. After 10. After 0. Question 12 Olga buys a bag of potato chips every day after her economics class. The first potato chip always tastes wonderful. The second does not taste quite as good as the first. The third does not taste quite as good as the second. Olga is experiencing Question 12 options: the substitution effect. the law of diminishing marginal utility. irrational behavior. the income effect. Olga buys a bag of potato chips every day after her economics class. The first potato chip always tastes wonderful. The second does not taste quite as good as the first. The third does not taste quite as good as the second. Olga is experiencing Olga buys a bag of potato chips every day after her economics class. The first potato chip always tastes wonderful. The second does not taste quite as good as the first. The third does not taste quite as good as the second. Olga is experiencing the substitution effect. the law of diminishing marginal utility. irrational behavior. the income effect. the substitution effect. the law of diminishing marginal utility. irrational behavior. the income effect.

Question 13

Dave is undecided about whether to eat at a restaurant or to order pizza at home. He then obtains a coupon for 20 percent off at the restaurant. This is an example of Question 13 options: a lower price leading a consumer to substitute more of the less expensive good for the relatively more expensive good. someone using criteria other than price to make a consumption decision. a consumer making a decision irrationally. a lower price leading a consumer to buy more of a good because of the income effect. Dave is undecided about whether to eat at a restaurant or to order pizza at home. He then obtains a coupon for 20 percent off at the restaurant. This is an example of Dave is undecided about whether to eat at a restaurant or to order pizza at home. He then obtains a coupon for 20 percent off at the restaurant. This is an example of a lower price leading a consumer to substitute more of the less expensive good for the relatively more expensive good. someone using criteria other than price to make a consumption decision. a consumer making a decision irrationally. a lower price leading a consumer to buy more of a good because of the income effect. a lower price leading a consumer to substitute more of the less expensive good for the relatively more expensive good. someone using criteria other than price to make a consumption decision. a consumer making a decision irrationally. a lower price leading a consumer to buy more of a good because of the income effect.

Question 14

The set of goods and services that maximizes the level of satisfaction for each consumer subject to limited income is Question 14 options: substitution effect. the consumer optimum. diminishing marginal utility. increasing marginal utility. The set of goods and services that maximizes the level of satisfaction for each consumer subject to limited income is The set of goods and services that maximizes the level of satisfaction for each consumer subject to limited income is substitution effect. the consumer optimum. diminishing marginal utility. increasing marginal utility. substitution effect. the consumer optimum. diminishing marginal utility. increasing marginal utility.

Question 15

Consumers usually buy fewer units of a good than the quantity that would maximize total utility from consuming the good because Question 15 options: marginal utility becomes zero after just a few units of the good. of the law of demand. they have limited incomes. they are not rational. Consumers usually buy fewer units of a good than the quantity that would maximize total utility from consuming the good because Consumers usually buy fewer units of a good than the quantity that would maximize total utility from consuming the good because marginal utility becomes zero after just a few units of the good. of the law of demand. they have limited incomes. they are not rational. marginal utility becomes zero after just a few units of the good. of the law of demand. they have limited incomes. they are not rational.

Question 16

1 hamburger and 5 movies. 2 hamburgers and 5 movies. 6 hamburgers and 3 movies. 4 hamburgers and 4 movies. 1 hamburger and 5 movies. 2 hamburgers and 5 movies. 6 hamburgers and 3 movies. 4 hamburgers and 4 movies.

Question 17

1 units of Good X and 1 units of Good Y. 5 units of Good X and 4 units of Good Y. 6 units of Good X and 0 units of Good Y. 3 units of Good X and 4 units of Good Y. 1 units of Good X and 1 units of Good Y. 5 units of Good X and 4 units of Good Y. 6 units of Good X and 0 units of Good Y. 3 units of Good X and 4 units of Good Y.

Question 18

Carol is very hungry. She has just sat down to eat. Her first bite gives her a certain level of utility. Her second bite increases her utility by more than the first bite. Her third bite increases her utility by more than the second bite. Carol has 40 bites left before she finishes. Which of the following statements is true about Carol? Question 18 options: Carol's marginal utility will be negative when she takes her last bite. Carol is being inconsistent with the law of diminishing marginal utility. Carol will eventually experience diminishing marginal utility by the time she finishes eating, if her marginal utility begins to decline. Carol's total utility decreases with each bite. Carol is very hungry. She has just sat down to eat. Her first bite gives her a certain level of utility. Her second bite increases her utility by more than the first bite. Her third bite increases her utility by more than the second bite. Carol has 40 bites left before she finishes. Which of the following statements is true about Carol? Carol is very hungry. She has just sat down to eat. Her first bite gives her a certain level of utility. Her second bite increases her utility by more than the first bite. Her third bite increases her utility by more than the second bite. Carol has 40 bites left before she finishes. Which of the following statements is true about Carol? Carol's marginal utility will be negative when she takes her last bite. Carol is being inconsistent with the law of diminishing marginal utility. Carol will eventually experience diminishing marginal utility by the time she finishes eating, if her marginal utility begins to decline. Carol's total utility decreases with each bite. Carol's marginal utility will be negative when she takes her last bite. Carol is being inconsistent with the law of diminishing marginal utility. Carol will eventually experience diminishing marginal utility by the time she finishes eating, if her marginal utility begins to decline. Carol's total utility decreases with each bite.

Question 19

5 units of Good X and 6 units of Good Y. 2 units of Good X and 5 units of Good Y. 6 units of Good X and 0 units of Good Y. 6 units of Good X and 3 units of Good Y. 5 units of Good X and 6 units of Good Y. 2 units of Good X and 5 units of Good Y. 6 units of Good X and 0 units of Good Y. 6 units of Good X and 3 units of Good Y.

Question 20

An indifference curve cannot be positively sloped because Question 20 options: the law of diminishing marginal utility would be violated. a point to the right of another point will represent a lower quantity of both goods and a reduction in utility. a point to the right of another point will represent a higher quantity of both goods and an increase in utility. the substitution effect would be violated. An indifference curve cannot be positively sloped because An indifference curve cannot be positively sloped because the law of diminishing marginal utility would be violated. a point to the right of another point will represent a lower quantity of both goods and a reduction in utility. a point to the right of another point will represent a higher quantity of both goods and an increase in utility. the substitution effect would be violated. the law of diminishing marginal utility would be violated. a point to the right of another point will represent a lower quantity of both goods and a reduction in utility. a point to the right of another point will represent a higher quantity of both goods and an increase in utility. the substitution effect would be violated. 60 units of utility. 390 units of utility. 40 units of utility. 50 units of utility.

Explanation / Answer

10 a)
11. c)
12. d)
13. b)
14. b)
15. c)
16. a)
17. d)
18. b)
19. d)
20 a)
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