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Micro_lecture_6

Authored by Micheal Johnson

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Professional Development

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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is utility in economic terms?

The cost of a good

The satisfaction a consumer derives from consuming goods and services

The quantity of goods consumed

The profit from selling goods

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term describes all goods and services consumed by an individual?

Utility function

Consumption bundle

Budget line

Indifference curve

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the Law of Diminishing Marginal Utility state?

Utility increases indefinitely with consumption

Each additional unit of a good provides more satisfaction than the previous one

Each additional unit of a good provides less additional satisfaction than the previous one

Utility remains constant regardless of consumption

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the budget constraint?

The limit on spending based on an individual's income

The maximum utility an individual can achieve

The optimal point of utility on a graph

The difference between income and expenses

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An indifference curve shows:

How utility decreases as income increases

All consumption bundles with the same utility level

How prices affect utility

The marginal utility per dollar

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If indifference curves are downward sloping, it indicates:

More is better

Goods are perfect substitutes

Goods are perfect complements

The budget is unlimited

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to consumer theory, what is the 'tangency condition'?

When a budget line and an indifference curve intersect at one point

When a consumer's income is exhausted

When a consumer maximizes their utility

When utility is equal to marginal cost

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