Suppose You Are Eating Buffalo Wings at a Local Happy

question 53

Multiple Choice

Suppose you are eating buffalo wings at a local happy hour. The total utils from doing so after the fourth, fifth, sixth, and seventh wings are 30, 50, 65, 72, respectively. In this situation we have __________ marginal utility, which is generally __________ in the analysis of consumer choice.

• A)increasing; assumed
• B)increasing; not assumed
• C)diminishing; assumed
• D)diminishing; not assumed

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Definitions:

Agent Expertise

The specific knowledge or skills an agent possesses that enables them to act effectively on behalf of others.

Potential Influence

The capacity or possibility to affect change or sway opinions within a given context or situation.

Referent Power

The influence a person has over others because they are admired, respected, or identified with, often stemming from personal characteristics or charisma.

Friendship

A close and bonded relationship between individuals where support, mutual respect, and emotional connection are present.