Exhibit 6-1 Total Utility for Good X -As Shown in Exhibit 6-1, the Law of Diminishing Marginal

question 118

Multiple Choice

Exhibit 6-1 Total utility for good X $$\begin{array} { | l | r | r | r | r | r | r | } \hline \text { Total utility (utils) } & 0 & 80 & 120 & 148 & 160 & 155 \\\hline \text { Quantity con sumed per day } & 0 & 1 & 2 & 3 & 4 & 5 \\\hline\end{array}$$
-As shown in Exhibit 6-1, the law of diminishing marginal utility is first observed at the:

• A) first unit.
• B) second unit.
• C) third unit.
• D) fourth unit.
• E) fifth unit.

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Definitions:

Reflective Critical

The process of critically assessing one's beliefs, judgments, and practices through introspection and consideration of external inputs.

Salient Memories

Vivid and prominent memories that stand out due to their significance or emotional impact.

Optimistic Bias

The tendency to believe that oneself is at less risk of experiencing a negative event compared to others.

Illusion of Control

The false belief that one can influence or control outcomes that are actually determined by chance.