Marginal utility is
A) the decrease in total utility from consuming more and more units of a good or service.
B) the change in total utility a person receives from consuming an additional unit of a good or service.
C) the change in total utility divided by the price of the last unit of a good or service consumed.
D) the utility from consuming a given quantity of a good or service.
B
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When the Act of 1873 was passed, silver was worth _________ in the market than at the mint; however, subsequent __________ in the supply of silver led to public outcry over the "demonetization" of silver under the Act. a.less; decreases b.less; increases c.more; decreases d.more; increases
Fill in the blank(s) with correct word
Javier goes to an all-you-can-eat buffet at a Chinese restaurant and consumes three plates of food. Which of the following explains why the third plate of food does not provide as much satisfaction as the second plate?
A. The law of expanding externalities. B. The rule of total utility. C. The law of supply. D. The law of diminishing marginal utility.
When government increases a fixed tax, consumption schedule
A. shifts downward in a parallel manner. B. shifts upward in a parallel manner. C. becomes horizontal. D. becomes vertical.
Stocks change ________ whereas flows relate to ________.
A. within a given period of time; changes between points in time B. and that causes flows to change; changes that have no impact on stocks C. only at the end of each year; amounts at a given point in time D. between points in time; changes within a given time period