If the Marginal Utility of Consuming One Pound of Apples

question 48

Multiple Choice

If the marginal utility of consuming one pound of apples is 200 units for John and 50 units for Jane, we can conclude

• A)that John will eat four times more apples than Jane.
• B)that John will eat the same amount of apples as Jane.
• C)that John will eat four times fewer apples than Jane.
• D)that John and Jane will not eat any apples.
• E)nothing about how many apples John will eat compared to Jane.

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Definitions:

Market Size

An estimate of the demand for a product or service within a particular market.

Cumulative Profit

The total profit accumulated over a period of time.

Probability Value

A numerical measure between 0 and 1, inclusive, that represents the likelihood of a specific event happening.

Forecast Chart

A visual representation of past and predicted future data trends, often used for analysis and planning in various fields.