The Total Utility You Get from Eating Slices of Pizza

question 351

Multiple Choice

The total utility you get from eating slices of pizza on a given night is the

• A) marginal utility of the last slice times the total number of slices eaten.
• B) sum of the differences in marginal utility as you increase the number of slices eaten.
• C) sum of the marginal utilities of all slices eaten.
• D) sum of the marginal utilities per dollar spent on all slices eaten.

---

Definitions:

Average Cost Retail Inventory Method

An inventory valuation method that determines the cost of ending inventory and cost of goods sold based on the average cost of all similar items in the inventory.

Cost-to-retail Percentage

A method used in inventory valuation that compares the cost of goods to their retail price to calculate inventory value.

Purchases Returns

Goods returned by the buyer to the supplier due to defects, damage, or other reasons, which can reduce the total amount of purchases.

Retail Inventory Method

An accounting technique used in retail to estimate the ending inventory value based on the relationship between the cost and selling price of goods.