Use the Following to Answer Questions

question 96

Multiple Choice

Use the following to answer questions .
Exhibit: Income and Consumption

-(Exhibit: Income and Consumption) Negative personal saving occurs when disposable personal income is

• A) equal to $300.
• B) greater than $300.
• C) less than $300.
• D) between $300 and $400.

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Definitions:

Utility Schedule

A representation that shows various quantities of a commodity or service and the utility or satisfaction derived from each.

Marginal Utility

The augmented satisfaction or value derived from the consumption of one extra unit of a product or service.

Total Utility

Measures the total satisfaction or benefit that a person derives from consuming a certain quantity of a good or service.

Utility Schedule

A table showing the different levels of utility or satisfaction derived from consuming varying amounts of a good or service.