When the marginal utility of a commodity is zero the total utility is?
A. at its minimum B. upward-sloping C. downward-sloping D. at its maximum Correct Answer: Option D – at its maximum
An inverse relationship between price and quantity demanded implies that?
A. the two variables change in opposite directions B. the two variables change in the same direction C. only one variable changes D. the two variables remain unchanged Correct Answer: Option A – the two variables change in opposite...
A buyer who haggles in the market is applying the principle of?
A. choice B. price mechanism C. opportunity cost D. utility maximization Correct Answer: Option D – utility maximization
If the marginal utility of the last unit of commodity X at N2 is 16 and that of commodity Y at N 4 is 24; the consumer will be at equilibrium when?
A. the price-quantity ratios are equal B. equal amounts of X and Y are consumed C. less of Y and more of X are consumed D. less of X and more of Y are consumed Correct Answer: Option A – the price-quantity ratios are equalProducts
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