1. The total utility curve shows the relationship between _______on the horizontal axis and _______on the vertical...
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2. In Figure, if the total utility from seven songs is 41 utils, the marginal utility of the eighth song is _______ utils, which is_______ than the marginal utility of the second song but _______than the marginal utility of the ninth song.
3. Arrow up or down: As the consumption of a product increases, utility _______at a _______rate.
4. Arrow up or down: As we move upward along a total utility curve, the slope _______, meaning that marginal utility _______.
5. According to the law of _______, as consumption increases, the utility of consuming the good _______(increases/decreases).
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Macroeconomics Principles Applications And Tools
ISBN: 9780134089034
7th Edition
Authors: Arthur O Sullivan, Steven M. Sheffrin, Stephen J. Perez
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