Consumer Behavior and Utility Analysis Quiz
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Questions and Answers

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?

  • 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?

  • Price
  • Utility (correct)
  • Availability
  • Quality

    • What is the capacity of a commodity to satisfy a particular human want called?

    <p>Utility</p> Signup and view all the answers

    What is the difference between utility and satisfaction?

    <p>Utility is pre-consumption, satisfaction is post-consumption</p> Signup and view all the answers

    Which term is used to describe the pre-consumption want-satisfying power of a commodity?

    <p>Utility</p> Signup and view all the answers

    What is the relationship between marginal utility (MU) and total utility (TU)?

    <p>MU is less than TU</p> Signup and view all the answers

    What is the term used to describe the diminishing satisfaction obtained from consuming additional units of a commodity?

    <p>Marginal utility</p> Signup and view all the answers

    What is assumed satisfaction before consumption called?

    <p>Utility</p> Signup and view all the answers

    What is the term used to describe the power of a commodity to satisfy human wants?

    <p>Utility</p> Signup and view all the answers

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