13) When total utility is at a maximum A) marginal utility is zero. Quantity (slices of...

 

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13) When total utility is at a maximum A) marginal utility is zero. Quantity (slices of pizza) B) marginal utility is equal to total utility. A) obtains greater amounts of marginal utility. B) has diminishing total utility. C) has diminishing marginal utility. D) obtains less total utility. C) marginal utility is negative. D) marginal utility is at a minimum. 14) "Spreading overhead" refers to 0 1 12) The table above gives Matt's utility from consuming slices of pizza. As Matt consumes more slices of pizza, he 2 3 4 5 C) Total Utility is zero D) Total Utility is maximized Total utility 0 15 A) A decrease in the average fixed cost as output rises B) An increase in the average fixed cost as output rises C) An increase in total fixed costs D) An increase in the amount of total cost 15) A consumer reaches the optimal level of consumption A) Total Utility begins to fall B) Marginal Utility is negative 22 27 30 31 16) For the perfectly competitive firm marginal revenue is equal to: A) the market price of the good being sold B) the number of units sold times the price of the good C) D) the change in total revenue from selling one more unit of a good Both A and C are correct. 13) When total utility is at a maximum A) marginal utility is zero. Quantity (slices of pizza) B) marginal utility is equal to total utility. A) obtains greater amounts of marginal utility. B) has diminishing total utility. C) has diminishing marginal utility. D) obtains less total utility. C) marginal utility is negative. D) marginal utility is at a minimum. 14) "Spreading overhead" refers to 0 1 12) The table above gives Matt's utility from consuming slices of pizza. As Matt consumes more slices of pizza, he 2 3 4 5 C) Total Utility is zero D) Total Utility is maximized Total utility 0 15 A) A decrease in the average fixed cost as output rises B) An increase in the average fixed cost as output rises C) An increase in total fixed costs D) An increase in the amount of total cost 15) A consumer reaches the optimal level of consumption A) Total Utility begins to fall B) Marginal Utility is negative 22 27 30 31 16) For the perfectly competitive firm marginal revenue is equal to: A) the market price of the good being sold B) the number of units sold times the price of the good C) D) the change in total revenue from selling one more unit of a good Both A and C are correct.

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12 The correct answer is C has diminishing marginal utility Explanation Diminishing marginal utility refers to the concept that as a consumer consumes ... View the full answer