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ECON 102 Economics 2 – Microeconomics Quiz 7

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If marginal utility is diminishing, total utility must also be declining. Select one:

Consumer demand for DVDs has increased over time because the price of DVD players has: Select one:

Refer to the above diagram where xy is the relevant budget line and I1 , I2, and I3 are indifference curves. If the consumer is initially at point L, he or she should:

Refer to the above diagram. Suppose the budget line shifts so that the consumer's equilibrium changes from point A to point B. This means that the:

If the price of X and Y are $2 and $4 per unit, respectively, and this consumer has $10 in income to spend, to maximize total utility this consumer should buy:

When the price of a product falls, the income effect induces the consumer to purchase more of it while the substitution effect prompts her to buy less.

Refer to the above diagram in which the downsloping linear lines are budget lines and I1, I 2, and I3 comprise an indifference map. The combinations of products M and N indicated by points 1, 3, and 5 are such that:

Assume the price of product Y (the quantity of which is plotted on the vertical axis) is initially

Indifference analysis assumes that utility is numerically measurable. Select one:

Each point on a single indifference curve reflects the same level of total utility for a consumer.

Suppose you have a limited money income and you are purchasing products A and B whose prices happen to be the same. To maximize your utility you should purchase A and B in such amounts that:

The ability of a good or service to satisfy wants is called: Select one:

When total utility is at a maximum, marginal utility is zero. Select one:

Prashanth decides to buy a $75 ticket to a particular New York professional hockey game rather than a $50 ticket for a particular Broadway play. We can conclude that Prashanth: Select one:

Refer to the above data. The value for W is: Select one:

Which of the following statements is not correct? Select one:

Suppose that Dave normally orders two tacos, but on seeing they are on sale, decides to buy three. Dave's decision is best explained by the:

The marginal rate of substitution: Select one:

In the above diagram

 

Diminishing marginal utility explains why: Select one:

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