Marginal/Cardinal Utility MCQ Quiz

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| By Jehangir
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Jehangir
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Quizzes Created: 1 | Total Attempts: 311
Questions: 5 | Attempts: 311

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Marginal/Cardinal Utility MCQ Quiz - Quiz


Questions and Answers
  • 1. 

    Which one do you like?

    • A.

      A

    • B.

      B

    • C.

      C

    • D.

      D

    Correct Answer
    B. B
    Explanation
    We did this in class already - you're welcome.

    Rate this question:

  • 2. 

    Which one do you like?

    • A.

      A

    • B.

      B

    • C.

      C

    • D.

      D

    Correct Answer
    C. C
    Explanation
    Individual gets 2 utils from each dollar spent. If price is 2 that means he derives 4 utils from buying good X. Hence, consumer needs to consume till the point where MUx is equal to 4 which happens at 4 units of consumption.

    Rate this question:

  • 3. 

    Which one do you like?

    • A.

      A

    • B.

      B

    • C.

      C

    • D.

      D

    Correct Answer
    D. D
    Explanation
    Option D is the Equimarginal Principle just written differently.

    Rate this question:

  • 4. 

    Which one do you like?

    • A.

      A

    • B.

      B

    • C.

      C

    • D.

      D

    Correct Answer
    A. A
    Explanation
    To maximize utility, consumer needs to adjust consumption of both the goods until the marginal utility per dollar from each good is the same (equimarginal principle).

    Rate this question:

  • 5. 

    Which one do you like?

    • A.

      A

    • B.

      B

    • C.

      C

    • D.

      D

    Correct Answer
    B. B
    Explanation
    MUx

    Rate this question:

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  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jul 23, 2020
    Quiz Created by
    Jehangir
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