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Questions and Answers
What is the concept that represents the additional satisfaction a consumer gains from consuming one more unit of a good?
What is the concept that represents the additional satisfaction a consumer gains from consuming one more unit of a good?
- Diminishing Marginal Utility (DMU)
- Total Utility (TU)
- Marginal Utility (MU) (correct)
- Average Utility (AU)
Which curve is conventionally assumed to slope downwards according to the text?
Which curve is conventionally assumed to slope downwards according to the text?
- Average Utility Curve
- Marginal Utility Curve (correct)
- Total Utility Curve
- Diminishing Marginal Utility Curve
What does the law of diminishing marginal utility state?
What does the law of diminishing marginal utility state?
- As the stock of a commodity increases, its average utility to the consumer decreases.
- As the stock of a commodity increases, its marginal utility to the consumer decreases. (correct)
- As the stock of a commodity increases, its diminishing utility to the consumer increases.
- As the stock of a commodity increases, its total utility to the consumer decreases.
What concept is the summation of utilities derived from all the units of a good consumed by a consumer?
What concept is the summation of utilities derived from all the units of a good consumed by a consumer?
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What is the resultant of dividing the total utility by the number of units of a good consumed?
What is the resultant of dividing the total utility by the number of units of a good consumed?
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Which of the following is considered a primary factor of production?
Which of the following is considered a primary factor of production?
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What is the primary objective of production?
What is the primary objective of production?
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According to Edwood Buffa, what is production?
According to Edwood Buffa, what is production?
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What are the factors of production according to Marshall?
What are the factors of production according to Marshall?
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What does the term 'Land' include as a factor of production?
What does the term 'Land' include as a factor of production?
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