EC 201 Practice_Final Quiz 5 2

EC 201 Practice_Final Quiz 5 2 - 1 An individual gets 5...

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1. An individual gets 5 units of utility from 1 slice of pizza and 9 units of utility from 2 slices of pizza. The principle of diminishing marginal utility implies that the total utility from 3 slices of pizza will be: An individual gets 5 units of utility from 1 slice of pizza and 9 units of utility from 2 slices of pizza. The principle of diminishing marginal utility implies that the total utility from 3 slices of pizza will be: Student Response Value Correct Answer Feedback A. exactly 12 units of utility. B. less than 13 units of utility. C. less than 9 units of utility. 0% D. more than 12 units of utility. Score: 0/1 2. At the optimal consumption bundle, the marginal utility of each good purchased is the same. At the optimal consumption bundle, the marginal utility of each good purchased is the same. Student Response Value Correct Answer Feedback A. True 0% B. False<br/><br/> Score:
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0/1 3. Brad spends all his income on two goods: <i>X</i> and <i>Y</i>. He is purchasing the optimal consumption bundle, bundle <i>E</i>, that maximizes his utility given his budget constraint. At the optimal consumption bundle, which of the following statements is correct? Brad spends all his income on two goods:
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EC 201 Practice_Final Quiz 5 2 - 1 An individual gets 5...

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