10 Questions
Which term is used to describe the want-satisfying power of a commodity?
Utility
What is the relationship between utility and satisfaction?
Utility is assumed satisfaction
What does the consumption of goods and services depend on?
Utility
What is the capacity of a commodity to satisfy a particular human want called?
Utility
What is the difference between utility and satisfaction?
Utility is pre-consumption, satisfaction is post-consumption
Which term is used to describe the pre-consumption want-satisfying power of a commodity?
Utility
What is the relationship between marginal utility (MU) and total utility (TU)?
MU is less than TU
What is the term used to describe the diminishing satisfaction obtained from consuming additional units of a commodity?
Marginal utility
What is assumed satisfaction before consumption called?
Utility
What is the term used to describe the power of a commodity to satisfy human wants?
Utility
Test your knowledge of consumer behavior and utility analysis with this quiz. Explore the concepts of utility, diminishing marginal utility, and equi-marginal utility. Learn about the relationship between marginal utility and total utility.
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