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Utility Theory Quiz

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1. What does Utility Theory seek to explain?

2. According to Utility Theory, why might a person prefer an orange to an apple?

3. What does Marginal Utility refer to in the context of Utility Theory?

4. The principle of diminishing marginal utility states:

5. What is the underlying assumption of utility theory about human behavior?

6. In utility theory, what is the term for the total satisfaction a consumer derives from consumption?

7. In the context of utility theory, a concave utility function reflects what kind of preference?

8. What does the indifference curve represent in utility theory?

9. According to utility theory, what leads a consumer to stop consuming a good or service?

10. Can utility be measured directly according to the cardinalist approach in utility theory?