The difference between total utility and marginal utility is that:
a) Total utility is the complete satisfaction from consuming a good while marginal utility is the satisfaction from consuming one additional unit of a good.
b) Both represent the satisfaction obtained from most all goods and services.
c) Total utility is the satisfaction from consuming a good while marginal utility is the satisfaction from consuming services.
d) Total utility is the satisfaction from consuming one additional unit of a good while marginal utility is the complete satisfaction from consuming a good.
Ans: a) Total utility is the complete satisfaction from consuming a good while marginal utility is the satisfaction from consuming one additional unit of a good.
You might also like to view...
The relationships between elasticity and total revenue hold because
A. total revenue equals price divided by quantity demanded. B. total revenue equals price times quantity demanded. C. a drop in price has two opposing effects on the two components of the formula. D. both b and c are true.
When neo-Keynesians looked at 1970s–1980s inflation and unemployment data, they found
a. not a single Phillips curve, but a set of Phillips curves b. a relatively well-behaved downward-sloping Phillips curve c. a vertical Phillips curve, which helped to explain stagflation d. a Phillips curve that was very similar to the Phillips curve of the 1960s e. a Phillips curve that behaved like a Laffer curve
An investment project has an expected profit rate of 12 percent. The going rate of interest is 12 percent. Firm X would need to borrow money to carry out this project; firm Y would use its own funds. Which statement is true?
A. Firm X would undertake the project; Firm Y would not. B. Neither firm would undertake this project. C. Both firms would undertake this project. D. Firm Y would undertake the project; Firm X would not.
Exhibit 2-2 Production possibilities curve
In Exhibit 2-2, the opportunity cost of coffee when moving from A to B is:
A. 2 million bushels of corn. B. 6 million bushels of corn. C. 8 million bushels of corn. D. 14 million bushels of corn.