economics Archives - Page 123 of 530

When the slope of the total utility curve is declining; the marginal utility of a consumer will be increasing if he?

A. stops consuming more of the commodity B. reduces the quantity consumed C. increases the quantity consumed D. consumes more of another commodity Correct Answer: Option B – reduces the quantity consumed Explanation Marginal utility refers to the additional...

Comparison of interpersonal utility is impossible because?

by Sunday | Oct 22 | Economics JAMB

A. utility is measured in utils B. marginal utility is not observable C. utility is subjectively determined D. individual income differ Correct Answer: Option A – utility is measured in utils Explanation The comparison of interpersonal utility is impossible...

If the price of an item increases by 8% while the quantity demanded falls from 1500 units to 1492 units; the demand is said to be?

by Sunday | Oct 22 | Economics JAMB

A. perfectly elastic B. inelastic C. elastic D. perfectly inelastic Correct Answer: Option C – elastic Explanation Elastic demand is a situation where a change in prices leads to a change in the quantity...