Marginal utility is
A) the utility received from consuming one unit of a good.
B) the change in total utility due to a one-unit change in the quantity of a good consumed.
C) the total utility received from consuming a certain quantity of a good divided by the quantity.
D) the utility received by the last consumer of a good.
Answer: B
You might also like to view...
To measure the change in the standard of living, it is best to use the growth rate
A) from the Rule of 70. B) of the price level. C) of real GDP per person. D) of real GDP. E) of the population.
In response to a shortage the market price of a good will rise; as the price rises, the demand will decrease and supply will increase until equilibrium is reached
Indicate whether the statement is true or false
The fallacy of composition is the fallacious view that
a. economic activity will benefit everyone. b. what is true for the individual will also be true for the group. c. it is possible for the whole to be greater than the sum of the individual parts. d. association does not necessarily indicate causation.
All of the following statements are true about entrepreneurship except:
A. The entrepreneur assembles needed resources. B. The entrepreneur risks her or his own money. C. The entrepreneur reaps the profits or suffers the losses of the enterprise he or she creates. D. The term entrepreneur is synonymous with the term inventor.