As More of a Good Is Consumed, the Marginal Utility

question 57

Multiple Choice

As more of a good is consumed, the marginal utility of an additional unit ________, so consumers are willing to pay ________ for an additional unit.

• A) decreases; less
• B) increases; more
• C) decreases; more
• D) does not change; less
• E) increases; less

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Definitions:

Warranties of Title

Guarantees provided by a seller that they have the legal right to sell the property and that it is free from undisclosed encumbrances.

Sales Contracts

Agreements between buyers and sellers regarding the exchange of goods, services, or property for payment or promise of payment.

Stolen Goods

Items that have been taken without permission or acquired illegally, typically with the intent to sell for profit.

Express Warranty

An explicit promise by the seller regarding the condition, functionality, or performance of a product.