The relationship between demand and marginal utility is best explained as ...
Economic Utility

Quiz
•
Social Studies
•
12th Grade
•
Hard
John Robinson
FREE Resource
25 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
the marginal utility a person gets from consuming a good determines their demand for the good.
the total utility a person gets from consuming a good determines their demand for the good.
the marginal utility a person gets from consuming a good determines their market demand for the good.
the total utility a person gets from consuming a good determines their market demand for the good.
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If Ann gets 100 units of utility from reading a book and 500 units of utility from playing with her cat, What can we determine about Ann?
She does not enjoy reading books.
She does not enjoy playing with her cat.
She prefers reading a book to playing with her cat.
She prefers playing with her cat to reading a book.
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The first four dinner rolls Joan consumes have total utility of 15, 27, 37, and 45 respectively. What is the marginal utility of the 4th dinner roll?
124 units of utility
45 units of utility
11.25 units of utility
8 units of utility
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What best reflects the goal of a consumer?
To acquire the largest possible quantity of goods.
To acquire the largest possible variety of goods.
To maximize utility.
To save money.
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In a given time period, a person consumes more and more of a good and enjoys each additional unit less and is willing to pay less for it, because of:
diminishing returns
diminishing marginal product
diminishing marginal utility
increasing costs
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
You made a good decision if:
Marginal cost is greater then marginal benefit
Marginal cost is less than marginal benefit
Marginal benefit is greater then marginal cost
Marginal benefit is less then marginal cost
7.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Which of the following is a term in economics that states that more is always better than less
Utility
Completeness
Non-satiation
Transitivity
None of these
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