Total Utility Is Always

question 6

Multiple Choice

Total utility is always

• A)greater than marginal utility.
• B)less than marginal utility.
• C)decreasing when marginal utility is decreasing.
• D)decreasing when marginal utility is increasing.
• E)increasing when marginal utility is positive.

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Definitions:

Management

The act of organizing, planning, leading, and controlling resources to achieve specific objectives.

Market Pricing Relationship

A type of social exchange that relies on market principles such as supply and demand to set the value of transactions.

Interchangeable

Capable of being substituted or replaced by another similar item, implying a degree of similarity and mutual substitutibility.

Idiosyncratic Deals

Customized work arrangements negotiated between an employee and employer to cater to specific individual needs or skills.