02 May Question: Question 1 0.8 pts Marginal utility O occurs when a consumer buys more of a good as a result of a…
Question 1 0.8 pts Marginal utility O occurs when a consumer buys more of a good as a result of a relative price change O occurs when total utility declines as consumption increases. O occurs when there is a change in purchasing power as a result of a change in the price of a good. O is the additional satisfaction derived from consuming one more unit of a good or service. is the combination of goods and services that maximizes utility for a given income. O Question 2 0.8 pts When presented with two choices for afternoon entertainment, Riana has a clear favorite: going to the movies provides her with 40 utils, while attending a baseball game provides 32 utils. The price for both tickets is $5, causing Riana to choose the movies. What price for a baseball game ticket would cause Riana to choose that instead? O $4.01 O The ticket price is irrelevant because the marginal utility will always be greater O $1.60 $4.00 O $3.99 Question 3 0.8 pts When a consumer maximizes utility, economists say that he or she has O rationalized. O become satisfied. O optimized. O efficiently allocated. marginalized.
Question 4 0.8 pts Perfect substitutes produce an indifference curve with a(n) marginal rate of substitution. decreasing O right-angle constant increasing O inverse Question 5 0.8 pts The reality of consumer optimum means making choices in countless purchases in order to enjoy increasing degrees of satisfaction. the same level of satisfaction in each the same standard of living. O a balanced budget. O roughly the same utility per dollar spent
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