Microeconomics: Principles, Problems, & Policies (McGraw-Hill Series in Economics)
20th Edition
ISBN: 9780077660819
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Chapter 7.1, Problem 1QQ
To determine
Marginal utility .
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Which of the following statements is NOT true?
a. Utility measures the satisfaction obtained from a good b. Total utility is the satisfaction from the
entire consumption of a good
C. Both represent the satisfaction obtained from most all goods and services
d. Marginal utility is the additional satisfaction from consuming the last unit of a good
Q.1.15 The marginal utility of a good or service declines as one more unit is consumed because:
(a) supply slopes upwards.(b) consumers are constrained by income.
(c) of the law of diminishing marginal utility.
(d) prices move with demand.
(9)
What determines the utility an individual receives from consuming a good?
Select one:
a. The individual’s own preferences.
b. The demand and supply curves for that good.
c. The producers conducting customer feedback surveys of that good and the feedback provided.
(10)
Denzel bought headphones two months ago, Solo2 Beats by Dre, for $130. He gives them to his little brother and goes online to buy another for himself but they are now $160. What is the percentage change in the headphone’s price?
Select one:
a. 23%
b. 30%
c. 21%
Chapter 7 Solutions
Microeconomics: Principles, Problems, & Policies (McGraw-Hill Series in Economics)
Ch. 7.1 - Prob. 1QQCh. 7.1 - Prob. 2QQCh. 7.1 - Prob. 3QQCh. 7.1 - Prob. 4QQCh. 7.A - Prob. 1ADQCh. 7.A - Prob. 2ADQCh. 7.A - Prob. 3ADQCh. 7.A - Prob. 1ARQCh. 7.A - Prob. 2ARQCh. 7.A - Prob. 1AP
Ch. 7.A - Prob. 2APCh. 7.A - Prob. 3APCh. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Prob. 4DQCh. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 9DQCh. 7 - Prob. 1RQCh. 7 - Prob. 2RQCh. 7 - Prob. 3RQCh. 7 - Prob. 4RQCh. 7 - Prob. 5RQCh. 7 - Prob. 1PCh. 7 - Prob. 2PCh. 7 - Prob. 3PCh. 7 - Prob. 4PCh. 7 - Prob. 5PCh. 7 - Prob. 6PCh. 7 - Prob. 7P
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- What is the definition of marginal utility? A. The average utility from consuming a good or service multiplied by the number of units of that good or service consumed. B. Utility measured in utils. C. The utility from consuming a good or service divided by the number of units of that good or service consumed. D. The change in utility from consuming an additional unit of a good or service. E. The enjoyment or satisfaction people receive from consuming goods and services.arrow_forward___1. It is the satisfaction derived from the consumption of a commodity. A. Total utility C. Disutility B. Marginal utility D. Utility ___2. It is the change of total utility over the change of quantity. A. Total utility C. Disutility B. Marginal utility D. Utility ___3. It is the foregone value when a firm is engaged in production. A. Cost C. Revenue B. Profit D. Interestarrow_forwardQuestion 18 An increase in the price of product A will: cause utility-maximizing consumers to buy more of A. decrease the marginal utility per dollar spent on A. not affect the marginal utility per dollar spent on A. increase the marginal utility per dollar spent on A.arrow_forward
- b. Why marginal utility per dollar must equate across products to result in utility-maximizing condition?arrow_forwardThe quantity demanded isA) the amount of a good that consumers plan to purchase at a particular price.B) independent of the price of the good.C) independent of consumers' buying plans.D) always equal to the equilibrium quantity.arrow_forwardAlong an individual demand curve for food, which one of the following is not held constant? a.The consumer's income b.The consumer's level of utility c.The price of all other goods d.The consumer's utility functionarrow_forward
- How does the law of diminishing marginal utility relate to changing income? Select one: a. The marginal benefit of an extra dollar of income rises as income rises. b. The marginal benefit of an extra dollar of income falls as income rises. c. The total utility gained from a small income is higher than the total utility gained from a high income. d. The total utility gained from a high income is higher than the total utility gained from a low income.arrow_forwardThe marginal utility derived from the consumption of extra unit of commodity. True/Falsearrow_forwardIf a rational consumer is in equilibrium, then: a. the marginal utility obtained from one product is equal to the marginal utility obtained from any other product. b. the marginal utility per last dollar spent is the same for all goods consumed. c. total utility becomes zero. d. a reallocation of income would increase the consumer's total utility.arrow_forward
- (A) The unit in which the utility is calculated is ________ (B) Utility measures __________ of the consumerarrow_forwardWhich statement BEST describes the principle of diminishing marginal utility? As an individual consumes more of a good: Select one: a. the marginal utility will eventually become negative. b. the total utility obtained will eventually become negative. c. the addition to total utility obtained from the nth unit of the good will be less than that obtained from the immediately preceding unit of the good. d. the total utility obtained will eventually fall.arrow_forwardActivity 1. Answer the following questions: a. Illustrate and explain how consumer equilibrium is achieved using the indifference curve? b. How do we measure utility? Explain. c. Discuss how the demand elasticity of a product changes? Give examples.arrow_forward
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