According to MU theory, consumers maximize satisfaction when they

consumer choice

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12 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
can get much more of one good than another.
can get credit and spend beyond their income levels.
equalize marginal utility per dollar of all goods consumed.
are completely satisfied with all goods consumed.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A sushi roll costs $8 and gives 25 utils; sashimi costs $4 and gives 10 utils. Which item should we consumer next?
sushi
sashimi
both
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The principle of diminishing marginal utility can be used to explain:
Why Todd's 2nd soda is more enjoyable than his 1st.
Why Todd's 2nd soda is less enjoyable than his 1st.
Why Amy's 1st soda is more enjoyable than Todd's 1st soda.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A budget constraint shows us
the different combinations of 2 goods that we can produce with a given income.
the different combinations of 2 goods that we can consume with a given income.
the different combinations of 2 goods that are available for purchase.
nothing.
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is true if consuming one unit of a good yields 100 utils and consuming the second unit of the good increases satisfaction by 20 utils?
The total utility of consuming two units is 120
The marginal utility of the first unit is 20
The marginal utility of the second unit is 120
The marginal utility of the second unit is 80 utils
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