115. the market demand curve can be considered to be a ___ curve. a) marginal be
ID: 1233058 • Letter: 1
Question
115. the market demand curve can be considered to be a ___ curve. a) marginal benefit b) marginal cost c) total benefit d) total cost.135. Common property resources tend to be ___ through market. a) overpriced b) efficiently priced c) overconsumed. d) underconsumed.
136. the amount by which total utility increases when an additional unit of a good is consumed is called _____ utility. a) average. b) additional c) maximum d) marginal
137. The utility of a good is determined by how much ___ a particular consumer obtains from it. a) satisfaction b) usefulness. c) cost d) need fulfillment.
145. Assume that the total utilities corresponding to the first five units of a product consumed are 14, 20, 25, 29, 32, respectively. The marginal utility of the thrid unit is
a) 5 b) 6 c) 20 d)25
149. The law of diminishing marginal utility exists for the first three units of a good if htey have total utilities of: a) 8, 17, 27. b) 9,17, 27. c) 9, 19, 30 d) 10, 19, 27
151. In dealing with utility, we assume that the ability of consumers to purchase goods and services is
a) infinite b) irrelevant c) limited d) infinitesimal
152. Which of the following statements is/ are true?
a) consumers are constrained by a budget
b) if a consumer decides to spend more on one good, he or she must decide tospend less on another good to satisfy the budget constraint.
c) the marginal decision rule states that an activity should be expanded if its marginal benefit exceeds its marginal cost.
d) all of the above statements are true.
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Explanation / Answer
115. the market demand curve can be considered to be a ___ curve. a) marginal benefit b) marginal cost c) total benefit d) total cost.
135. Common property resources tend to be ___ through market. a) overpriced b) efficiently priced c) overconsumed. d) underconsumed.
136. the amount by which total utility increases when an additional unit of a good is consumed is called _____ utility. a) average. b) additional c) maximum d) marginal
137. The utility of a good is determined by how much ___ a particular consumer obtains from it. a) satisfaction b) usefulness. c) cost d) need fulfillment.
145. Assume that the total utilities corresponding to the first five units of a product consumed are 14, 20, 25, 29, 32, respectively. The marginal utility of the thrid unit is
a) 5 b) 6 c) 20 d)25
149. The law of diminishing marginal utility exists for the first three units of a good if htey have total utilities of: a) 8, 17, 27. b) 9,17, 27. c) 9, 19, 30 d) 10, 19, 27
151. In dealing with utility, we assume that the ability of consumers to purchase goods and services is
a) infinite b) irrelevant c) limited d) infinitesimal
152. Which of the following statements is/ are true?
a) consumers are constrained by a budget
b) if a consumer decides to spend more on one good, he or she must decide tospend less on another good to satisfy the budget constraint.
c) the marginal decision rule states that an activity should be expanded if its marginal benefit exceeds its marginal cost.
d) all of the above statements are true.
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