Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Given the concepts in the unit, which of the following statements is true? 0 a. You receive 2 utility from watching a movie while your

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
Given the concepts in the unit, which of the following statements is true? 0 a. You receive 2 utility from watching a movie while your sister receives 3 utility from reading a book. Therefore, your sister enjoys reading a book more than you enjoy watching a movie. 0 b. You receive 2 utility from watching a movie and 4 utility from meeting with your friends. Therefore. you enjoy meeting with your friends more than watching a movie. 0 c. You receive 5 utility from watching a TV show while your friend receives 10 utility from watching aTV show. You both receive the same level of satisfaction from watching a TV show. 0 d. You receive 2 utility from meeting with your friends and your mom receives 2 utility from meeting with her friends. You and your mom both receive the same level of satisfaction from meeting with friends. If eating pizza follows the law of diminishing marginal utility, then marginal utility is maximized when O a. total utility starts to fall. O b. total utility is also maximized O c. diminishing marginal returns begins, typically with the first slice of pizza being consumed. O d. when the person decides not to eat another slice of pizzaOne difference between total utility and marginal utility is that O a. total utility is objective and marginal utility is not. O b. total utility is cumulative, and marginal utility is not. O c. total utility measures happiness and marginal utility measures unhappiness O d. total utility is more accurate than marginal utility.Yesterday, you purchased 5 pens and 12 folders. What if the price of pens rose by $3 and the price of folders declined by $2. With your income unchanged and prices for other goods remaining the same, what actions would you most likely take? O a. By fewer pens and folders O b. Buy more pens and less folders O c. Buy more folders and less pens. O d. Continue to purchase the same amount of pens and folders

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Transdisciplinarity For Sustainability Aligning Diverse Practices

Authors: Martina Keitsch

1st Edition

0429581505, 9780429581502

More Books

Students also viewed these Economics questions

Question

The role of life: It consists of your own service to yourself.

Answered: 1 week ago