Assume That the Marginal Utilities for the First Three Units

question 51

Multiple Choice

Assume that the marginal utilities for the first three units of a good consumed are 200, 150, and 125, respectively.The total utility when 2 units are consumed is:

• A) 150.
• B) 200.
• C) 350.
• D) 475.

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Definitions:

Attributes

Qualities or features regarded as a characteristic or inherent part of someone or something.

Granting

The act of giving or assigning something, such as rights, privileges, or resources, usually from a position of authority.

Identity

The qualities, beliefs, personality, looks, and expressions that make a person or group distinctive.

Informal Leadership

Leadership that emerges within a group without formal recognition, often based on personal qualities and respect among peers.