Marginal/Cardinal Utility MCQ Quiz
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About This Quiz
Engage with foundational economics concepts through this Marginal\/Cardinal Utility MCQ Quiz, designed to test and enhance your understanding of utility in economic theory.
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Correct Answer
A. CExplanation
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:
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A. DExplanation
Option D is the Equimarginal Principle just written differently.Rate this question:
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Correct Answer
A. AExplanation
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:
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Correct Answer
A. BExplanation
MUxRate this question:
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Current Version
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Mar 21, 2023Quiz Edited by
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Jul 23, 2020Quiz Created by
Jehangir
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