Marginal utility is
A. the change in total utility from consuming an additional unit of a good.
B. the utility received by the last consumer of a good.
C. the total utility received from consuming a given quantity of a good divided by the number of units consumed.
D. the utility received from consuming the first unit of a good.
Answer: A
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A) currency plus non-interest bearing checking accounts. B) currency plus all checking accounts. C) currency plus all deposits at financial institutions. D) definitive money.
According to the liquidity premium theory, a steep yield curve may be an indicator of
A) expectations of a significant increase in inflation. B) an upcoming recession. C) an economic slowdown. D) lower future short-term interest rates.
For infant industry tariff protection to be valid requires that
A) the tariff must be allowed to last forever. B) only industries that currently are producing efficiently should be protected. C) government officials must predict which industries will eventually be able to compete with more established foreign producers. D) the industries protected must have substantial monopoly power in the absence of foreign competition.
The prisoner's dilemma game can be used to describe
A. the game Rock Paper Scissors B. why candidates in elections go negative. C. how individuals acting in their self-interest leads to the best outcome overall. D. a zero sum game.