Economists Are Able to Determine Total Utility By

question 68

Multiple Choice

Economists are able to determine total utility by:

• A) multiplying the marginal utility of the first unit consumed by the number of units consumed.
• B) multiplying the marginal utility of the last unit consumed by the number of units consumed.
• C) multiplying the marginal utility of the last unit consumed by the unit price.
• D) summing up the marginal utilities of each unit consumed.

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Definitions:

Cognitive Processes

Mental actions or operations that include thinking, reasoning, problem-solving, decision-making, and memory.

Associative Learning

A learning process where a relationship is formed between two stimuli or between a stimulus and a behavior.

Negative Reinforcement

A method in behavioral psychology that increases the likelihood of a behavior by removing an unpleasant stimulus when the behavior occurs.

Discrimination

Biased or unfair behavior towards various groups of individuals, particularly based on their racial background, age, or gender.