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23) Which one of the following is not an assumption of marginal utility theory?
People derive utility from their consumption.
More consumption yields more total utility.
Utility can be measured.
Marginal utility diminishes with more consumption.
24) If Soula is maximizing her utility, and two goods have the same marginal utility, she
Is paying the same price for each good.
Buys only one
Buys equal quantities of both.
Receives the same total utility from each good.
In consumer equilibrium, a consumer equates the
Marginal utility per dollar on each good.
Total utility from each good.
Marginal utility from each good.
Total utility per dollar on each good.
If the marginal utilities from two goods are not equal, then the consumer
Cannot be in equilibrium.
Should increase consumption of the good with the lower marginal utility.
Should decrease consumption of the good with the lower marginal utility.
May possibly be in equilibrium
As a consumer's income decreases, marginal utility theory predicts that
The demand for normal goods decreases.
The demand for all goods decreases.
The demand for normal goods increases.
The price of normal goods falls.
Beverly is currently in consumer equilibrium. An increase in her income
Increases her total utility
Decreases her total utility
Increases her marginal utility from all goods
Decreases her marginal utility from all goods
If the price of a good rises, then in the new consumer equilibrium all of the following are true except
The marginal utility from substitutes will be lower than before the price rise.
The marginal utility from the good equals its new higher price.
The marginal utility from consuming the good will be higher than before the price rise.
The quantity of substitutes consumed increases.
If the price of a good falls, then in the new consumer equilibrium
the marginal utility from consuming the good will be higher than before.
The quantity of the good consumed decreases.
The quantity of substitutes consumed increases.
None of the above.
If income rises, then in the new consumer equilibrium
A) the marginal utility from normal goods increases.
B) the marginal utility from normal goods decreases.
C) the marginal utility from inferior goods increases.
E) both B and C.
If income falls, then in the new consumer equilibrium
The marginal utility from normal goods decreases.
The marginal utility from inferior goods increases.
Total utility from normal goods increases.
The marginal utility from normal goods increases.
Other things remaining the same, marginal utility theory implies that a rise in the price of a good
Increases the consumer surplus.
decreases the consumer surplus.
Leaves consumer surplus unchanged.
Has an effect on consumer surplus that cannot be determined.
The value of a good relates to
Total utility, while price relates to consumer surplus.
Total utility, while price relates to marginal utility.
Marginal utility, while price relates to consumer surplus.
Marginal utility, while price relates to total utility.
If a consumer's income increases and if all goods are normal goods,
The quantity bought of each good increases.
The quantity bought of each good decreases.
The quantity bought of some normal goods increases and of other normal goods decreases, but we can't make an accurate prediction.
The supply of all goods increases and the marginal utility from all goods decreases.
The paradox of value asks why
The price of water is low and the price of a diamond is high, but water is essential to life while diamonds are not.
Total utility is greater than marginal utility.
The standard of living is higher in North America than in South America.
Which of the following statements is true?
It is possible to derive the law of demand — that a higher price decreases the quantity demanded — using marginal utility theory.
Marginal utility theory predicts that an increase in a consumer's income increases consumption of all goods.
Marginal utility theory predicts that all goods are normal goods and that all goods are substitutes for each other.
Marginal utility theory makes no prediction about a consumer's responses to hikes in the prices of the goods and services he or she consumes.
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