Question : 21.In economic theory, total utility refers to: A. The additional utility from : 1233066

21.In economic theory, total utility refers to:   

A. The additional utility from consuming the last unit of a good.

B. The amount of utility obtained from the entire consumption of a good.

C. The change in utility from the last unit sold.

D. How useful a good is to the consumer.

22.The amount of utility obtained from the entire consumption of a good is known as:   

A. Marginal utility.

B. Diminishing utility.

C. Total utility.

D. Price elasticity.

23.Marginal utility refers to the:   

A. Additional utility from consuming the last unit of a good.

B. Change in utility from the last unit consumed.

C. Utility derived from consuming all of the good.

D. Opportunity cost of the good.

24.The law of demand and the law of diminishing marginal utility are related since both:   

A. Predict that consumers will continue to buy unlimited amounts of goods.

B. Address the budget constraints that consumers face.

C. Assume that the first units consumed have more utility than subsequent units.

D. Assert that consumer preferences are not as significant as price and income.

25.Marginal utility is an important economic concept because it:   

A. Indicates the budget limitations of the consumer.

B. Is the total utility a consumer receives from a good.

C. Can be used to predict the amount of a good a rational consumer will purchase.

D. Predicts the amount of a good a business will produce.

26.The difference between total utility and marginal utility is that:   

A. Total utility is the satisfaction from consuming one additional unit of a good while marginal utility is the complete satisfaction from consuming a good.

B. Total utility is the complete satisfaction from consuming a good while marginal utility is the satisfaction from consuming one additional unit of a good.

C. Both represent the satisfaction obtained from most all goods and services.

D. Total utility is the satisfaction from consuming a good while marginal utility is the satisfaction from consuming services.

27.According to the law of diminishing marginal utility:   

A. Total utility from consuming a good always rises.

B. Total utility from consuming one more unit of a good eventually falls.

C. Marginal utility of a good declines as more of it is consumed in a given time period.

D. Marginal product of labor declines as more of a variable input is used.

28.When the additional satisfaction from a good declines as more of it is consumed, this illustrates the law of:   

A. Diminishing marginal utility.

B. Exceptional marginal utility.

C. Declining demand.

D. Increasing opportunity costs.

29.At some point during a meal each extra bite provides less and less additional satisfaction. This can be explained by:   

A. The law of demand.

B. The law of diminishing marginal utility.

C. The law of increasing opportunity cost.

D. A shift in the demand curve.

30.Javier goes to an all-you-can-eat buffet at a Chinese restaurant and consumes three plates of food. Which of the following explains why the third plate of food does not provide as much satisfaction as the second plate?   

A. The law of expanding externalities.

B. The rule of total utility.

C. The law of supply.

D. The law of diminishing marginal utility.