Which of the following is not true about utility?
a. Utility varies from individual to individual
b. Marginal utility tends to decline, the more of a good or service is consumed.
c. When marginal utility is at its maximum, total utility is zero.
d. All of the above are true about utility.
d
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As more time passes, the price elasticity of gasoline
A) increases. B) decreases. C) stays the same. D) becomes perfectly inelastic. E) becomes perfectly elastic.
What will happen to the equilibrium price and equilibrium quantity of ice cream cones when consumers' incomes decrease?
A) If ice cream cones are a normal good, then the equilibrium price and quantity of ice cream cones will decrease. B) If ice cream cones are a normal good, then the equilibrium price and equilibrium quantity of ice cream cones will increase. C) If ice cream cones are an inferior good, then the equilibrium price for an ice cream cone will increase and the equilibrium quantity of ice cream cones will decrease. D) If ice cream cones are an inferior good, then the equilibrium price and quantity of ice cream cones will decrease.
Examples of indirect taxes are
A. income taxes levied by some states. B. sales taxes and property taxes. C. poll taxes. D. corporate profits taxes.
An individual's demand curve:
a. represents the various quantities that a consumer is willing to purchase of a good at various price levels. b. is derived from an individual's indifference curve map. c. will shift if preferences, prices of other goods, or income change. d. all of these answers are correct.