The total utility derived from each product consumed is the same.
Mua/pa = mub/pb = muc/pc = ... = mun/pn.
Mua = mub = muc = ... = mun.
Pa = pb = pc = ... = pn.
Total utility is being minimized.
Production costs are being minimized.
Marginal utility exceeds total utility.
Total utility is being maximized.
Move him to a new equilibrium on a lower indifference curve.
Make his indifference curves steeper, but will not alter the equilibrium position.
Have no effect on the equilibrium position because product prices have not changed.
Move him to a new equilibrium on a higher indifference curve.
At any point where the budget line and an indifference curve intersect.
At either point where the budget line intersects the horizontal and vertical axes.
Where the budget line is tangent to an indifference curve.
Where the ratio of the two product prices equals the reciprocal of the consumer's income.
Is synonymous with usefulness.
Is want-satisfying power.
Is easy to quantify.
Rarely varies from person to person.
Positive, but not negative.
Positive or negative, but not zero.
Positive, negative, or zero.
Decreasing, but not negative.
Takes more and more resources to produce successive units of it.
Violates the law of demand.
Satisfies consumer wants.
Total utility is maximized when consumers obtain the same amount of utility per unit of each product consumed.
Beyond some point additional units of a product will yield less and less extra satisfaction to a consumer.
Price must be lowered to induce firms to supply more of a product.
It will take larger and larger amounts of resources beyond some point to produce successive units of a product.
26 units of utility.
6 units of utility.
8 units of utility.
38 units of utility.
Necessarily increase the consumer's total utility from his total purchases.
Increase the marginal utility of this good.
Increase the total utility from purchases of this good.
Reduce the marginal utility of this good.
Multiplying the marginal utility of the last unit consumed by the number of units consumed.
Multiplying the marginal utility of the last unit consumed by the number of units consumed. summing the marginal utilities of each unit consumed.
Multiplying the marginal utility of the last unit consumed by product price.
Multiplying the marginal utility of the first unit consumed by the number of units consumed.
Positive and increasing.
Positive but decreasing.
Is equal to total utility divided by the number of units consumed.
Is equal to total utility if the demand curve is linear.
Increases as more of a product is consumed.
Diminishes as more of a product is consumed.
There is no firm mathematical relationship between marginal utility and total utility.
Total utility is equal to the change in marginal utility from consuming an additional unit of a product.
If marginal utility is diminishing and is a positive amount, total utility will increase.
If marginal utility is diminishing, total utility must also be diminishing.
Consumers behave rationally, maximizing their satisfactions.
Consumers have unlimited money incomes.
Consumers do not know how much marginal utility they obtain from successive units of various products.
Marginal utility is constant.
Elasticity of demand on all products purchased is the same.
Marginal utility obtained from the last dollar spent on each product is the same.
Total utility derived from each product consumed is the same.
Marginal utility of the last unit of each product consumed is the same.
Less of x only if its price rises.
More of y only if its price rises.
More of y and less of x.
More of x and less of y.
2 units of j and 7 units of k.
5 units of j and 5 units of k.
4 units of j and 5 units of k
6 units of j and 3 units of k.
$4 and $6
$6 and $4
$8 and $12
$16 and $9
Their marginal utilities are the same.
Their total utilities are the same.
Their marginal and total utilities are proportionate.
The income and substitution effects associated with each are equal.
The income effect exceeds the substitution effect.
The substitution effect exceeds the income effect.
Supply curves are upsloping.
Demand curves are downsloping.
they are all empirically measurable.
They all help explain the upsloping supply curve.
They all help explain the downsloping demand curve.
All are required to explain the utility-maximizing position of a consumer.
Essential goods may be cheap while nonessential goods may be expensive.
The marginal utility of certain products increases, rather than diminishes.
essential goods are always higher priced than nonessential goods.
We sometimes fail to use money as a standard of value.
Both cash and noncash gift-giving cause value losses.
Neither cash nor noncash gift-giving cause value losses.
Noncash gift-giving create a value loss, but cash gifts do not.
Cash gifts creates a value loss, but noncash gifts do not.