In consumer choice theory, when economists refer to the happiness, satisfaction, or pleasure derived from a purchase, they use the term ________________.

- advantage

- avail

- utility

- consumer benefit

Marginal Utility is the ______________

- total satisfaction received from consuming a given number of units of a product.

- extra satisfaction received from consuming one more unit of a product.

- average satisfaction received from consuming a product.

- satisfaction received when consumers have had enough of a product.

If a person consumes more and more of a good, and each additional unit adds less satisfaction than the previous unit consumed, we are seeing the workings of

- the law of demand

- the law of increasing opportunity cost

- the law of supply

- the law of diminishing marginal utility

In order to derive an individual's demand curve for a good, we could examine the quantity of the good purchased at the consumer's optimal choice when changing ____________.

- the price of a close substitute

- the price of the product holding everything else constant

- tastes and preferences

- income

Damien says "I am so full I wouldn't eat another slice of cake if you paid me". According to this statement, what can we say about the marginal utility of Damien's next slice of cake.

- It is increasing

- It is negative

- It is the same as the previous slice of cake

- We need numerical information to make inferences about marginal utility