Marginal utility is the
A) total satisfaction received from consuming a given number of units of a product.
B) average satisfaction received from consuming a product.
C) extra satisfaction received from consuming one more unit of a product.
D) satisfaction achieved when a consumer has had enough of a product.
Answer: C
You might also like to view...
The water and diamonds paradox of value
A) is that water is essential for life and yet is cheap, whereas diamonds are totally nonessential and yet are expensive. B) points out that we generally have a low total utility of water and a high total utility of diamonds. C) is resolved by the principle that market price is determined by total utility, not marginal utility. D) none of the above
Which of the following classical views is (are) accepted by supply-side economists?
a. In the intermediate run, growth of capital, labor, and technology determine output. b. The dislike of government intervention in the economy c. changes in output are primarily driven by changes in the natural rate of output. d. Both a and b. e. all of the above.
The cross price elasticity of demand is measured by the
A) percentage change in the quantity demanded of one good divided by the percentage change in quantity demanded of another good. B) percentage change in the price of one good divided by the percentage change in price of another good. C) percentage change in the demand for one good divided by the percentage change in price of another good. D) percentage change in the price of one good divided by the percentage change in the demand for another good.
Laws that prohibit collective bargaining agreements requiring a worker to join a union as a condition of employment are called
a. collective bargaining agreements. b. minimum wage laws. c. union shop laws. d. right-to-work laws.