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Micro
Economics
Consumption Theory / Utility
What is the quality of
something that satisfies human desires?
|
utility |
price |
|
Beauty |
benefits |
When the total utility is at
its maximum, the marginal utility is.
|
negative |
positive |
|
maximum |
zero |
Human efforts that satisfy direct desires are counted.
|
consumption of wealth |
exchange of wealth |
|
born of wealth |
distribution of wealth |
The total utility at the point of absolute satisfaction
is.
|
at zero |
maximum |
|
negative |
minimum |
The initial utility of
something is always.
|
maximum |
positive |
|
zero |
at least |
The law of equal marginal utility
is also known as:
|
law of substitution |
law of diminishing marginal utility |
|
Law of demand |
law of satisfaction |
The utility of each new and additional unit will.
|
decrease |
increase |
|
negative |
positive |
A user gets maximum satisfaction when the utility of everything is.
|
equal |
minimal |
|
maximum |
positive |
Total utility until the marginal
utility is zero:
|
keeps decreasing |
keeps growing |
|
does not change |
stays the same |
When marginal utility reaches
at negative value, the total utility
|
starts decreasing |
doesn't change |
|
stays the same |
Starts increasing |
When the total utility
starts to decrease, marginal utility is.
|
zero |
negative |
|
Minimum |
maximum |
Total utility can never be.
|
zero |
negative |
|
both |
all |
The consumer gets maximum satisfaction when
|
Mux / Px = Muy / Py |
MC = MR |
|
TC = TR |
none |
Utility is related to user’s:
|
heart |
mind |
|
body |
soul |
Sometimes, man also does
illegal work for.
|
wealth |
Paradise |
|
utility |
love |
Utility and advantage are.
|
different |
the same |
|
both |
none |
Customer means the person who.
|
buys goods |
sells goods |
|
uses goods |
none |
Term marginal in economics refers
to.
|
first |
second |
|
middle |
last |
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