Consumer Behaviour 1

Front

What is utility in economics?

Back

Satisfaction from consumption

Front

Which of these is a constraint? Options: Weekend, Free time, Money limitation, Travel plan

Back

Money limitation

Front

Marginal utility means:

Back

Extra satisfaction from an extra unit

Front

The more you consume a good, marginal utility will...

Back

Decrease

Front

What does the law of diminishing marginal utility state?

Back

Utility decreases with each additional unit consumed

Front

Which of the following best describes total utility?

Back

The sum of all marginal utilities

Front

How does consumer choice theory relate to utility?

Back

It explains how consumers maximize their utility

Front

What is the primary purpose of consumer choice theory?

Back

To understand consumer behavior

Front

How does the concept of opportunity cost relate to consumer choices?

Back

It is the value of the next best alternative forgone

Front

Which of the following factors can influence consumer preferences? A) Advertising and marketing, B) Personal income, C) Social influences, D) All of the above

Back

All of the above