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Marginal utility is

the relative value of two goods when a utility-maximizing decision has been made.

none of the above

the change in the amount of a good consumed that increases total utility by one unit.

the utility obtained from the consumption of all but the last unit of a good.

the change in utility that results from increasing the amount of a good consumed by one unit.

100%

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What is the slope of an indifference curve?

the slope of the budget constraint

None of the above.

the marginal rate of preference

the marginal rate of substitution

the rate of change of consumer’s preferences

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The theory of consumer choice can often provide insight into the behaviour of which of the following types of individuals?

None of the above.

individuals who are unaware of how to maximize their well-being

individuals who make constrained choices

individuals who are irrational consumers

individuals who make rational choices

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What happens when indifference curves are bowed in toward the origin?

None of the above.

A consumer is less willing to trade away goods that he has in abundance than the goods that he has little of.

A consumer is more willing to trade away goods that he has in abundance than the goods that he has little of.

A consumer is less willing to trade away any goods when his income decreases.

A consumer is more willing to trade away goods when his income increases.

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The price of a good increases relative to other goods. Which one of the following statements must be true? The resulting

income effect is zero.

substitution effect is positive.

income effect is negative.

income effect is positive.

substitution effect is negative.

100%

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Bianca consumes pizza. Marginal utility theory predicts that when the price of pizza increases,

Bianca's demand curve for pizza will shift leftward.

Bianca's marginal utility from pizza will not change.

Bianca will buy more pizza.

Bianca will buy less pizza.

100%

Bianca's total utility from pizza will increase.

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Suppose you are consuming hot dogs and Cokes and believe you are receiving maximum total utility from the meal for your entire budget of $12. The price of a hot dog is $2 and the price of a Coke is $2. Which one of the following can you conclude?

The total utility from hot dogs is maximized.

The marginal utilities from hot dogs and Cokes divided by the quantity of each good must be equal.

You are purchasing three hot dogs and three Cokes.

The total utilities from hot dogs and Cokes must be equal.

The marginal utilities from hot dogs and Cokes must be equal.

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Harold can consume apples and oranges. He likes them equally well and currently is in consumer equilibrium. Then the price of oranges rises, while his income remains the same. What will happen to his consumption?

Consumption of oranges increases; consumption of apples decreases.

Consumption of oranges decreases; consumption of apples could either increase or decrease.

Consumption of oranges increases; consumption of apples increases.

Consumption of oranges decreases; consumption of apples increases.

Consumption of oranges decreases; consumption of apples decreases.

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Was ist das "der Tauschflohmarkt"? Zwei Antworten sind richtig.

Bei einem Tauschflohmarkt tauscht man Sachen, die ...

man aus dem Müllkontainer nimmt.

ganz kaputt sind.

man selbst nicht mehr braucht.

sehr neu gekauft sind.

andere Person noch benutzen kann.

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