Marginal Utility

question 88

Multiple Choice

Marginal utility

• A) at first rises and then declines as a person consumes more of a good or service.
• B) can be thought of as being the equivalent to total utility.
• C) equals the total satisfaction from consumption of goods and services.
• D) is stable, but then as a person consumes more of a good or service, has a propensity to increase.

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Definitions:

Collusively

Acting in coordination with others, often in secret, to limit competition and manipulate market outcomes, such as setting prices.

Product Demand

The desire and willingness of consumers to purchase a particular good or service at a given price.

Oligopoly

A market structure characterized by a few firms dominating the industry, leading to limited competition and potentially higher prices for consumers.

Pure Competition

A market scenario where numerous sellers offer homogenous products, making the market highly competitive.