Use the Table Below to Answer the Following Question

question 97

Multiple Choice

Use the table below to answer the following question.
Table 8.1.2
-Table 8.1.2 gives total utilities for Jim and Sally.Which one of the following statements is true?

• A)Jim has increasing marginal utility.
• B)For Sally,the marginal utility of the third unit consumed is 6.
• C)If Jim consumes 2 units,his total utility is 34 units.
• D)Jim and Sally receive the same marginal utility from the third unit consumed.
• E)If Sally consumes 2 units,her total utility is 10 units.

Acknowledge the role of creativity and innovation in decision-making.

Recognize the importance of evaluating decision outcomes and the process for doing so.

Understand the concept of escalating commitment and its implications in decision-making.

Realize the significance of involving necessary stakeholders in the decision-making process.

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Definitions:

Opportunity Cost

Waiving the opportunity for improvement from multiple choices by deciding on one.

Linear Production

A type of production process where output increases at a constant rate as more inputs are added.

Production Possibility Frontier

A visual representation showcasing the maximum achievable outputs for two goods, predicated on a specified set of inputs like resources among others.

Microsoft Operating Systems

Software developed by Microsoft Corporation that manages computer hardware and software resources and provides common services for computer programs.