Podcast
Questions and Answers
Which term is used to describe the want-satisfying power of a commodity?
Which term is used to describe the want-satisfying power of a commodity?
- Capacity
- Consumption
- Satisfaction
- Utility (correct)
What is the relationship between utility and satisfaction?
What is the relationship between utility and satisfaction?
- Utility is assumed satisfaction (correct)
- Satisfaction leads to utility
- Utility and satisfaction are the same thing
- Utility leads to satisfaction
What does the consumption of goods and services depend on?
What does the consumption of goods and services depend on?
- Price
- Utility (correct)
- Availability
- Quality
What is the capacity of a commodity to satisfy a particular human want called?
What is the capacity of a commodity to satisfy a particular human want called?
What is the difference between utility and satisfaction?
What is the difference between utility and satisfaction?
Which term is used to describe the pre-consumption want-satisfying power of a commodity?
Which term is used to describe the pre-consumption want-satisfying power of a commodity?
What is the relationship between marginal utility (MU) and total utility (TU)?
What is the relationship between marginal utility (MU) and total utility (TU)?
What is the term used to describe the diminishing satisfaction obtained from consuming additional units of a commodity?
What is the term used to describe the diminishing satisfaction obtained from consuming additional units of a commodity?
What is assumed satisfaction before consumption called?
What is assumed satisfaction before consumption called?
What is the term used to describe the power of a commodity to satisfy human wants?
What is the term used to describe the power of a commodity to satisfy human wants?