Which situation is consistent with the law of diminishing marginal utility? - (correct
answer)The more pizza Henry eats, the less he enjoys an additional slice.
Children who dislike Brussels supports exemplify the notion that the marginal utility of
brussels sprouts is: - (correct answer)Negative
Suppose that football tickets at your university are given away for free and that there are
still empty seats for all games. Ignoring all other cost of going to the game, you should
attend until your: - (correct answer)Total utility stops increasing
Understanding the water and diamond paradox is valuable because it explains why: -
(correct answer)The process of products are not necessarily measure of their
usefulness
The fact that an ounce of gold is priced higher than an ounce of chocolate suggest that:
- (correct answer)The marginal utility of the last unit of gold consumed is greater than
the marginal utility of the last unit of chocolate consumed.
The financing of health care through insurance has - (correct answer)Made no change
in health care consumption
The following statements about behavioral economics are true except - (correct
answer)It assumes that people are always rational, deliberate, and objective in their
choiceses
The ability of a good or service to satisfy wants is called - (correct answer)Utility
The law of diminishing marginal utility states that - (correct answer)beyond some point
of additional units of a product will yield less and less extra satisfaction to a consumer.
answer)The more pizza Henry eats, the less he enjoys an additional slice.
Children who dislike Brussels supports exemplify the notion that the marginal utility of
brussels sprouts is: - (correct answer)Negative
Suppose that football tickets at your university are given away for free and that there are
still empty seats for all games. Ignoring all other cost of going to the game, you should
attend until your: - (correct answer)Total utility stops increasing
Understanding the water and diamond paradox is valuable because it explains why: -
(correct answer)The process of products are not necessarily measure of their
usefulness
The fact that an ounce of gold is priced higher than an ounce of chocolate suggest that:
- (correct answer)The marginal utility of the last unit of gold consumed is greater than
the marginal utility of the last unit of chocolate consumed.
The financing of health care through insurance has - (correct answer)Made no change
in health care consumption
The following statements about behavioral economics are true except - (correct
answer)It assumes that people are always rational, deliberate, and objective in their
choiceses
The ability of a good or service to satisfy wants is called - (correct answer)Utility
The law of diminishing marginal utility states that - (correct answer)beyond some point
of additional units of a product will yield less and less extra satisfaction to a consumer.
