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What is utility in the context of consumer behavior?
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?
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?
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?
Why is utility considered ordinal and not cardinal?
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What is a consumption bundle?
What is a consumption bundle?
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What is utility in the context of consumer behavior?
What is utility in the context of consumer behavior?
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What is a utility function?
What is a utility function?
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What is marginal utility?
What is marginal utility?
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Why is utility considered ordinal and not cardinal?
Why is utility considered ordinal and not cardinal?
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What is a consumption bundle?
What is a consumption bundle?
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