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Quiz #3 - Name Principles of Microeconomics ECON 101 Quiz#3...

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Name:________________________ Principles of Microeconomics ECON 101 7-19-06 Quiz #3 1. Marginal utility is a. always greater than total utility. b. utility that is not as good as normal utility. c. not related to total utility. d. the extra utility derived from consuming one additional unit of a good or service. e. always positive. 2. Suppose that when the price of corndogs goes up, we find Jimmy consuming more tacos and less corndogs. This is a result of 3. In the diagram to the right, consumer surplus is 4. In order to maximize profits, a firm will 5. Marginal cost a. is usually zero in the short run.
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