microeco

# The total satisfaction one gets from ones consumption

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Question 16 (4 points) The total satisfaction one gets from one's consumption of a product is called: Student response: Percent Value Correct Response Student Response Answer Choices 0.0% a. marginal utility. 0.0% b. a unit of utility. 100.0% c. total utility. See definition of total utility. 0.0% d. minimum utility. Score:4 / 4 Question 17 (4 points) Joseph Gallo poured two glasses of wine from the same bottle, but put a more expensive price tag on one glass than on the other. He let people test both and asked which they wanted; most wanted the more expensive glass, not knowing they had come from the same bottle. This kind of experiment tells us that: Student response: Percent Value Correct Response Student Response Answer Choices 0.0%

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0.0% 100.0% 0.0% Score:4 / 4 Question 18 (4 points) An effective price ceiling: Student response: Percent Value Correct Response Student Response Answer Choices 0.0% 100.0%
0.0% 0.0% Score:4 / 4 Question 19 (4 points) If a firm can produce 560 units of output with 5 workers, 600 units of output with 6 workers, then the: Student response: Percent Value Correct Response Student Response Answer Choices 0.0% 100.0%

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100. 0.0% 0.0% Score:4 / 4 Question 20 (4 points) If marginal utility is declining but still positive, total utility is increasing. Student response: Percent Value Correct Response Student Response Answer Choices 100.0% a. TRUE 0.0% b. FALSE General feedback: Total utility is the sum of all marginal utilities up to that point. Since marginal utility is positive, total utility must be rising. Score:0 / 4

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