What does the concept of utility measure?

Understanding Utility and Marginal Utility

Interactive Video
•
Business, Economics
•
10th - 12th Grade
•
Hard

Aiden Montgomery
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The environmental impact of a good or service
The benefit or satisfaction from a good or service
The cost of a good or service
The time taken to consume a good or service
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is marginal utility different from total utility?
Marginal utility is always higher than total utility
Marginal utility is measured in monetary terms only
Marginal utility is the satisfaction from the next unit consumed
Marginal utility is the total satisfaction from all units consumed
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main difference between marginal utility and marginal benefit?
Marginal utility is always higher than marginal benefit
Marginal utility is measured in absolute terms, while marginal benefit is often measured in dollars or other goods
Marginal utility applies only to services, while marginal benefit applies to goods
Marginal utility is a concept used only in macroeconomics
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the marginal utility of chocolate bars as more are consumed?
It increases with each additional bar
It remains constant
It decreases with each additional bar
It becomes negative immediately
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a negative marginal utility indicate?
The consumer is willing to pay more for the good
The consumer derives no additional satisfaction from the good
The good is free
The good is harmful
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is total utility calculated?
By subtracting the cost from the total benefit
By dividing the total satisfaction by the number of units
By multiplying the price of the good by the quantity consumed
By adding up the marginal utilities of all units consumed
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why might someone choose to buy fruit over chocolate bars, according to the video?
Because chocolate bars have no utility
Because fruit has no diminishing returns
Because the marginal utility of fruit is higher
Because fruit is always cheaper
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