Microchp8 - POP QUIZ WORKSHEET 2 CHAPTER 8 NAME COURSE 1 Marginal utility refers to a the total satisfaction one gets from a product b the total

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POP QUIZ WORKSHEET 2 : CHAPTER - 8 NAME: __________________________________ COURSE: ________________________________ 1. Marginal utility refers to: a. the total satisfaction one gets from a product. b. the total satisfaction one gets from one additional unit of a product above and beyond what one has consumed up to that point. c. the decreasing satisfaction one gets with each additional unit consumed. d. consuming more of good increases its total utility. 2. Regarding utility: a. the total satisfaction one gets from one’s consumption is called marginal utility. b. if you buy one Big Mac that gives you marginal utility of 400 and a second one that gives you marginal utility of 250, total utility of eating two Big Macs is 650. c. according to the law of diminishing marginal utility the more we consume of something, the smaller the total satisfaction received from that good. d. total utility received from the consumption of a good will be maximized when marginal utility is at a maximum. 3.
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This note was uploaded on 09/02/2011 for the course ECON 2 taught by Professor Contractor during the Spring '11 term at DeAnza College.

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Microchp8 - POP QUIZ WORKSHEET 2 CHAPTER 8 NAME COURSE 1 Marginal utility refers to a the total satisfaction one gets from a product b the total

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