Marginal Utility (Grade 11 NSC Matric Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
ShowHide
Practise the questions
10 questions from this quiz
What is utility in economics?
What is utility in economics?
Satisfaction from goods or services
What does total utility represent?
What does total utility represent?
All satisfaction from consumed goods
What is marginal utility?
What is marginal utility?
Extra satisfaction from one more unit
What does diminishing marginal utility mean?
What does diminishing marginal utility mean?
Less extra satisfaction per extra unit
In the chocolate example, what is the total utility after eating 3 bars?
In the chocolate example, what is the total utility after eating 3 bars?
85
In the chocolate example, which bar shows the highest marginal utility?
In the chocolate example, which bar shows the highest marginal utility?
The second bar
What two factors shape consumer purchasing decisions?
What two factors shape consumer purchasing decisions?
Marginal utility and prices
What do rational consumers select when making choices?
What do rational consumers select when making choices?
Greatest marginal utility for money
Consumer equilibrium occurs when equals what?
Consumer equilibrium occurs when equals what?
What happens at consumer equilibrium?
What happens at consumer equilibrium?
Can't improve by changing purchases