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10 Questions

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Understanding Demand and Supply

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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?

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?

Average Utility Curve

Marginal Utility Curve (correct)

Total Utility Curve

Diminishing Marginal Utility Curve

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?

Total Utility (TU) Signup and view all the answers

What is the resultant of dividing the total utility by the number of units of a good consumed?

Average Utility (AU) Signup and view all the answers

Which of the following is considered a primary factor of production?

Land Signup and view all the answers

What is the primary objective of production?

Satisfying human wants and needs Signup and view all the answers

According to Edwood Buffa, what is production?

A process by which goods and services are created Signup and view all the answers

What are the factors of production according to Marshall?

Land, Labour, Capital, Entrepreneurship Signup and view all the answers

What does the term 'Land' include as a factor of production?

Earth’s surface and resources above and below the surface Signup and view all the answers