Consumer Behavior Quiz
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Questions and Answers

What is utility in the context of consumer behavior?

  • A measure of the quantity of goods consumed
  • A measure of a consumer's preferences
  • A measure of how satisfied a consumer is (correct)
  • A measure of a consumer's income

    • What is a utility function?

  • A mathematical function describing the quantity of goods consumed
  • A measure of consumer preferences
  • A mathematical function describing the relationship between consumption and well-being (correct)
  • A measure of consumer income

    • What does marginal utility refer to?

  • The change in consumer income from consuming one more unit of a good
  • The additional satisfaction gained from consuming one more unit of a good (correct)
  • The change in consumer preferences from consuming one more unit of a good
  • The total satisfaction gained from consuming a good

    • Why is utility considered ordinal and not cardinal?

    <p>Because it ranks preferences without measuring the differences in satisfaction</p> Signup and view all the answers

    What is a consumption bundle?

    <p>A set of goods or services a consumer considers purchasing</p> Signup and view all the answers

    What is utility in the context of consumer behavior?

    <p>A measure of how satisfied a consumer is</p> Signup and view all the answers

    What is a utility function?

    <p>A mathematical function describing the relationship between consumption and well-being</p> Signup and view all the answers

    What is marginal utility?

    <p>The additional satisfaction gained from consuming one more unit of a good or service</p> Signup and view all the answers

    Why is utility considered ordinal and not cardinal?

    <p>Because it only ranks preferences and does not measure the magnitude of differences</p> Signup and view all the answers

    What is a consumption bundle?

    <p>A set of goods or services a consumer considers purchasing</p> Signup and view all the answers

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