Asked by
Brianna Perkins
on Oct 12, 2024
Verified
Which statement is true?
A) If you know a person's demand schedule,you can find his total utility,but not his marginal utility.
B) If a good is free,you will consume more and more of it until your marginal utility is zero.
C) If a good is free,you will consume more and more of it until your total utility is zero.
D) If you know a person's demand schedule you can find her marginal utility,but not her total utility.
Demand Schedule
A table that lists the quantity of a good that consumers are willing and able to purchase at varying price points, at a specific moment in time.
Total Utility
The total satisfaction or benefit that a consumer derives from consuming a certain quantity of goods or services.
- Ascertain the marginal and total utility using available data.
- Elucidate on the concept of diminishing marginal utility.
Verified Answer
HS
Learning Objectives
- Ascertain the marginal and total utility using available data.
- Elucidate on the concept of diminishing marginal utility.