Mark's marginal utility from reading books is the ________ when he reads ________.

Group of answer choices

consumer surplus he gets; books

change in his total utility; one additional book

change in his total utility; more books

total utility he gets; one more book

Flag question: Question 2Question 21 pts

The measure of the benefit you get from consuming the next cup of coffee is your

Group of answer choices

total utility from coffee.

marginal utility of coffee.

total utility from coffee when you are at your consumer equilibrium.

total utility per dollar spent on coffee.

Flag question: Question 3Question 31 pts

Marginal utility is the

Group of answer choices

usefulness of a product.

utility that a person receives from the consumption of goods and services.

change in utility that results from a one-unit change in the price of a good consumed.

change in utility that results from a one-unit change in the quantity of a good consumed.

Flag question: Question 4Question 41 pts

The principle of diminishing marginal utility says that

Group of answer choices

total utility decreases as the quantity of the good consumed increases.

total utility increases by smaller and smaller amounts as the quantity of the good consumed increases.

total utility increases by larger and larger amounts as the quantity of the good consumed increases.

marginal utility is negative as the quantity of the good consumed increases.

Flag question: Question 5Question 51 pts

Diminishing marginal utility means that

Group of answer choices

Ralph will enjoy his second hamburger less than the first.

beyond a certain point, total utility decreases as income rises.

the price of two hamburgers is twice the price of one.

the total utility from one hamburger exceeds the total utility from two hamburgers.

Flag question: Question 6Question 61 pts

Utility is best defined as

Group of answer choices

the amount one is willing to pay for a good.

the satisfaction from consuming a good.

the practical usefulness of a good.

the price of a good.

Flag question: Question 7Question 71 pts

Total utility describes

Group of answer choices

total consumption divided by marginal utility.

an increase in consumption multiplied by the gain in utility.

total consumption multiplied by marginal utility.

the benefit gained from all consumption.

Flag question: Question 8Question 81 pts

Ricky is in a consumer equilibrium. Given the prices of goods, Ricky has allocated all his income such that his marginal utility per dollar spent is ________ for ________ goods.

Group of answer choices

maximized; all

equal; all

as small as possible; all

equal; normal

Flag question: Question 9Question 91 pts

A consumer maximizes total utility when all available income is spent and the

Group of answer choices

total utility from all goods purchased is equal.

marginal utility per dollar from each good is equal for all goods.

dollars spent on the last unit of each good are equal for all goods.

marginal utility from each good is equal for all goods.

Flag question: Question 10Question 101 pts

Total utility is maximized when a consumer has spent all of his or her income and

Group of answer choices

the marginal utility per dollar from all goods is equal.

spent equal amounts on all goods.

the total utility per dollar from all goods is equal.

marginal utility is maximized.